We really are fortunate to be working in an industry where collaboration and sharing of ideas are still prevalent. During the first part of my career in the brokerage world, it seemed like collaboration was the negotiation of a settlement after one firm pirated another’s top producer or back office personnel. In that business of […]
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OVERLAND PARK, Kan. As credit unions continue to keep up to speed on complying with new regulations, doing so may spawn the growth of CUSOs that specialize in regulatory compliance. Mike Hales, partner with Rochdale Group Inc., a consultation services CUSO, predicts that the industry will move more in that direction, a shift that may […]
NEW YORK The Wall Street Journal online columnist Brett Arends explained in his column last week that credit unions often offer better rates than banks. Arends addressed the issue that currently many Americans are unhappy with the banking industry and suggested that they look at credit unions as an alternative. Theyre often seen as the […]
Treasury Would Take Away ‘Hedge Against Unchecked Greed’ March 31, 2008 By Michelle Samaad NEWPORT BEACH, Calif. – NACUSO is concerned that the Treasury Department’s regulatory agency overhaul proposal would not only do away with the credit union model but eliminate the movement’s “greatest hedge against unchecked greed.” Read more about this important development by […]
Wescom Credit Union purchased Area Check Cashing Centers in June 2007 for $3.9 million. Kinecta Federal Credit Union purchased Nix Check Cashing in August 2007 for $45 million. Nix has 55 locations that were converted to Kinecta branches. The payday lenders are held as CUSOs. Kinecta plans to convert the customers of Nix to credit […]
Great slogan; too bad we cannot prove it. Many members refer to their credit union as their bank and themselves as customers. Most members could not care less about the credit union organizational structure. In the post-Internet world there are many large, well-financed financial service competitors that beat credit unions on price and convenience. If […]
Reasons to Form a Title Insurance Agency CUSO People often ask me what a good business is for CUSOs. My reply always includes title insurance agency CUSOs. The reasons are as follows: Title insurance is a necessary part of many mortgage loan transactions. If your credit union is doing mortgage lending, you have a built […]
In April 2007, the IRS issued Technical Advice Memorandum (“TAMs) to selected state chartered credit unions in Alabama, Connecticut and Colorado. The IRS claimed that UBIT is due for AD&D, group life, dental, health and cancer insurance, car buying services and sale of car warranties, GAP, credit disability and financial management services. ATM interchange fees […]
Credit unions manage risk all the time: asset – liability risk, regulatory risk, operational risk, employee liability risk, and reputation risk. That is the nature of a financial institution. When credit unions decide to offer investment services to members, it is simply a matter of understanding how to manage a different set of risks. There […]
