Credit union service organizations (CUSOs) are corporate entities owned by federally chartered or federally insured, state chartered credit unions. Under United States federal law and the National Credit Union Administration regulations Part 712, federal credit unions may make an investment in or a loan to a CUSO.
Formed by two diverse but like-minded credit unions, CU Sol, LLC is a new model credit union service organization (CUSO) seeking to fill the resource gap and provide solutions for emerging credit unions and other financial institutions.
Credit union service organizations or CUSOs are required to provide financial information to the NCUA through the online CUSO Registry. Additionally, CUSOs must update and reaffirm their listings in the system annually.
(a) This part establishes when a federal credit union (FCU) can invest in and make loans to credit union service organizations (CUSOs). CUSOs are subject to review by NCUA. This part does not apply to corporate credit unions that have CUSOs subject to § 704.11 of this chapter. (b) All sections of this part apply to FCUs.
A Credit Union Service Organization (CUSO) is an organization formed and/or owned by one or more credit union(s) to provide a specific product or service within the industry. CUSOs leverage the power of collaboration that already exist within the industry to offer several benefits such as:
A federal credit union is a cooperative financial institution chartered by the federal government and owned by individual members. Today's credit unions remain unique financial institutions with a "not-for-profit but for service" operating philosophy.
Credit Union Service Organization (CUSO) Registration. Do you have a user account? Yes, I have a user account. No, I haven't created a user account yet. Paperwork Reduction Act Statement: An agency may not conduct or sponsor an information collection and a person is not required to respond to this information unless it displays a current valid ...
What is a Credit Union Service Organization (CUSO)? The term “CUSO” means that the business entity is qualified for and has a credit union investment. A CUSO must be a Subchapter-C corporation, limited liability company or limited partnership in which a credit union has an investment or loan.
Michigan Business Connection – Credit Union Service Organization In 2004, a group of Credit Unions started Michigan Business Connection, a Credit Union Service Organization that would help share the costs and risks of member business lending.Shared costs mean lower costs for both Credit Unions and the business borrowers.
(a) Any credit union that is insured pursuant to Title II of the Act must adhere to the requirements in §§ 712.2 (d)(3), 712.3(d), 712.4 and 712.11 of this chapter concerning permissible investment limits for less than adequately capitalized credit unions, agreements between credit unions and their credit union service organizations (CUSOs ...