Why is this Important?
There are a multitude of reasons a credit union could find itself struggling, and while some of those are internal or local in nature, often the source is at a macro level with far-reaching ramifications felt nationwide. As we all know that the CUSO business model is heavily dependent on a healthy and strong credit union network, as they are our owners, clients, and best references, it is essential that we support those credit unions working to stay afloat.
As CUSOs gain significance as financial powerhouses of their own—especially many of the multi credit union-owned CUSOs—we have a collective responsibility to be supportive of those credit unions that find themselves facing significant issues. Much like a consortium of CUSOs providing expertise, product variety, and affordable terms for de novo credit unions, we should expect that NACUSO could create and manage a national resource that could consolidate the options available for affected credit unions. This should include a scholarship program for financial as well as operational support.
What can my CUSO do to help?
Sign up as a supporter of the CUSO Challenge via our website to stay informed on events and opportunities to support this initiative.
If you have a particular interest in this initiative, let us know via phone, email, or on our website.
Offer to participate in an alliance of CUSOs who are not only willing to support struggling CUs with their expertise and tools, but are also prepared to offer those same credit unions their expertise and service pro bono or at a reduced price for a period of time.
Ensure that NACUSO continues its role as a consolidator of CUSO-based solutions for the entire credit union network, help expand NACUSO memberships, and consider upgrading your level of support to both NACUSO operations and initiatives.