Credit unions engage third party vendors for a variety of reasons. Some third party vendors bring expertise to the table that allows the credit union to offer products and services to its members that it would not otherwise be able to offer. Other vendors provide products and services in a manner that is more cost […]
The vast majority of people who work at NCUA and the state credit union regulatory agencies fully appreciate that credit unions need economies of scale and more expertise in order to survive and thrive in today’s regulatory climate. Combining operational services can be very effective. Many credit unions have collaborated in such services as business […]
This is a post by Kirk Drake (with a little input from me) on the Ongoing Operations Blog which you should check out. http://ongoingoperations.com/blog/ Earlier this year, the National Credit Union Administration (NCUA) conducted a voluntary CUSO exam of Ongoing Operations. Overall, the experience was a positive one with the Regulators having the opportunity to […]
There was a day when credit unions relied on internal staff to perform most of their member services and backroom operations. This “internal model” has evolved into a “blended model,” where many functions are outsourced to third-party service providers, often to credit union service organizations (CUSOs). The National Credit Union Administration (NCUA) announced last year […]
Judge Christine M. Arguello has issued her decision in Bellco Credit Union versus the United States of America. This is one of the UBIT cases. The IRS assessed Bellco Unrelated Business Income Tax (“UBIT”) on certain income items and Bellco paid the tax and has sued for a refund. By doing so, Bellco is able […]
