By: Michael Mulvey mmulvey@cusolaw.com One of the benefits of forming a CUSO is the limited liability protection offered to a CUSO’s investor(s). In order to maintain this protection, the CUSO and investing credit union(s) must maintain corporate separateness. This means the two entities’ operations are separate and distinct from each other. The reason this […]
This is an introductory webinar to credit union service organizations (CUSO). The webinar discusses regulatory requirements governing the formation of CUSOs, business considerations you should consider prior to creating a CUSO, and the documents you will need to form a CUSO. If you have any questions about the webinar or the CUSO formation process itself, […]
Leveraging the Profits Made by CUSOs The primary advantage to using a holding company CUSO is a consolidation of CUSO investments and leveraging the profitable CUSOs to make additional CUSO investments. A federally chartered credit union may only invest up to 1% of its assets in CUSOs in the aggregate. However, NCUA defines CUSO investment […]
As you know, part of forming a credit union service organization (“CUSO”) involves registering the company on the National Credit Union Administration’s (“NCUA”) CUSO Registry. Within sixty (60) days of the first credit union making an investment in the CUSO, the CUSO must register with the NCUA. The web-based registration process takes approximately fifteen minutes […]
Messick Lauer & Smith PC continues its semi-regular Webinar series. This Client Corner features LenderClose. Learn more about how LenderClose is helping credit unions to provide superior member service. Here is the link to this video: https://vimeo.com/436912700 For more information regarding LenderClose and their services, please visit their website www.lenderclose.com
Due to the COVID-19 pandemic, many credit unions and CUSOs have been required to adjust. Most employees are working from home or performing their duties in a non-traditional manner. Third party relationships may have been altered or suspended entirely. Given the rapidly changing nature of the workplace and third party relationships, it can seem disorienting. […]
CUSOs are investing in startups and fintech to add innovative services and products in a dynamic financial services industry. The success of these organizations rests on talented individuals who often come from the for-profit world and have different motivators than those in the traditional, non-profit credit union model. In order to maximize the value of […]
The insurance industry presents a unique opportunity for credit unions to grow strategically. Insurance is not only a way to add value for members, but also presents a source of non-interest income. Chances are your members have some type of insurance, whether its healthcare, auto, property, or life and if they’re not getting these services […]
CUSO 101 from Messick & Lauer on Vimeo.
On June 14, Jack Antonini, NACUSO President and Guy Messick, NACUSO General Counsel met with NCUA Staff on the results of the CUSO Registry and the thinking on how CUSO Reviews will be handled. The CUSO Registry sign-up period and the follow-up by NCUA found there were approximately 900 CUSOs. NCUA believes that there are […]
