In many ways, credit unions are limited in what they can achieve, either due to regulations, size, sophistication, budget or other factors, but credit union service organizations help level the playing field.
Like credit unions, credit union service organizations (CUSOs) need funds and leadership. The funds come from credit unions pooling resources to reach a common goal, whether that’s creating back-office efficiencies, generating off balance sheet revenue or providing a new service to members they couldn’t on their own. The leadership comes in large part from credit union executives who serve as CUSO board members. CU Management had conversations with four credit union executives (inc CU Realty Services Board Member Tim Mislansky) who make time to serve on CUSO boards. Here is what they said about the value of CUSOs and why they help lead them.