NASCUS has partnered with the National Association of Credit Union Service Organizations (NACUSO) and Variable Ventures to further solutions that result in a positive impact for the credit union industry.
We are dedicated to advancing the sustainability, growth, and market position of the nation’s only financial ecosystem dedicated to the democratic values and empowerment of the individual owner and represented by the principles of the cooperative business model.
Top Five Initiatives
- Increase De Novo Credit Unions: Starting a new credit union is a very difficult task given the strange attitude taken by our federal agency and insurer towards any effort to gain a new charter. Part of their hesitancy seems to be the parochial view that a start up credit union is incapable of providing products beyond those offered by credit unions in the 1950s. This puts the new credit union at an immediate disadvantage in the marketplace. CUSOs can play a significant role in creating a new model for starting a credit union.
- NCUA Governance: Credit unions and CUSOs need to establish a much more influential position in the process. The goals: to promote an effort and strategies by CUSOs to impact the selection process for the NCUA Board of Directors, research and study prior Board appointments, create CUSO-driven process to identify and manage a list of qualified candidates, and leverage CUSO legislative assets.
- Deposit Insurance: Supporting consumer and credit union focused research is critical to our philanthropic model. This includes: researching insurance alternatives, providing and promoting modernization strategies for NCUSIF, research consumer perceptions and attitudes on credit union operations and reputations.
- Scholarship Fund: There are a multitude of reasons a credit union could find itself struggling, and while some of those are internal or local in nature, often the source is at a macro level with far-reaching ramifications felt nationwide. As we all know that the CUSO business model is heavily dependent on a healthy and strong credit union network, as they are our owners, clients, and best references, it is essential that we support those credit unions working to stay afloat.
Much like a consortium of CUSOs providing expertise, product variety, and affordable terms for de novo credit unions, we should expect that NACUSO could create and manage a national resource that could consolidate the options available for affected credit unions. This should include a scholarship program for financial as well as operational support.
- Think Tank: NACUSO offers CUSOs the shared platform for aggregation of the variety of product and delivery channel designs being envisioned and talked about daily. The nature of our credit union and cooperative history should create the opportunity to be better, faster, and more effective in a think tank environment. The goal should be that any kernel for innovation would find its way to the CUSO think tank, regardless of its development stage.