Credit union service organizations (CUSOs) have elevated the credit union value proposition for nearly 50 years, allowing credit unions to leverage collaboration to foster growth and provide a wider range of services.
In this episode of the CUNA News Podcast, April Clobes, CEO of Michigan State University Federal Credit Union in East Lansing and its wholly owned CUSO, Reseda Group, describes how CUSOs create revenue opportunities and new products and services at a time when innovation is critical to survival.
As Clobes explains, Reseda Group strives to be a champion for the industry, helping credit unions survive through the unique CUSO model and the benefits it provides. As she says in this interview, CUSOs simply make more credit unions viable, and that benefits the entire industry.
In this episode:
1:41: Defining a CUSO
3:08: Why the CUSO ownership model matters
4:18: How credit unions can leverage CUSOs for success
5:44: How MSUFCU leverages the CUSO model
6:50: MSUFCU’s impetus for developing its own CUSO
8:04: How the Reseda Group differentiates itself
9:53: How the Reseda Group expands MSUFCU’s horizons
11:50: Why it’s important for credit unions to develop CUSOs
13:54: Advice for credit unions that want work with others CUSOs