2017 CUSO Directory: A Guide To CUSOs And Their Partners
2017 CUSO Directory:
A Guide To CUSOs And Their Partners
2017 CUSO DIRECTORY:
A GUIDE TO CUSOs AND THEIR PARTNERS
TABLE OF CONTENTS
The Need For And The Impact Of CUSOs
Top 40 Multi-Owned CUSOs By Number Of Credit Union Owners
5
Top 40 Multi-Owned CUSOs By Combined $ Investments/Loans From Credit Unions
6
Top 40 Multi-Owned CUSOs By $ Investments From Credit Unions
7
Top 40 Multi-Owned CUSOs By $ Loans From Credit Unions
8
Top 40 Wholly-Owned CUSOs By Combined $ Investments/Loans From Credit Unions
9
Top 40 Wholly-Owned CUSOs By $ Investments From Credit Unions
10
Top 40 Wholly-Owned CUSOs By $ Loans From Credit Unions
11
Top 40 Credit Unions By Number Of CUSO Participations
12
Top 40 Credit Unions By Combined Dollars Invested In/Or Loans To CUSOs
Multi-Owned CUSO Listing
Appendix: Service Offerings
CALLAHAN & ASSOCIATES, INC.
1001 Connecticut Ave, NW Ste. 1001,
Washington, DC, 20036
P. 202.223.3920 | 800.446.7453
staft@
NACUSO
3419 Via Lido, PMB #135
Newport Beach, CA, 92663
P. 949.645.5296 | 888.462.2870
shawna@
3-4
13
14-26
27
2017 CUSO DIRECTORY: A GUIDE TO CUSOS AND THEIR PARTNERS 3
THE NEED FOR AND THE IMPACT OF CUSOS
By Guy A. Messick, NACUSO General Counsel
& Jack Antonini, NACUSO President & CEO
There are numerous examples of companies that
did not adjust to the changes in their industries
that are no longer with us. Kodak, Borders
Books, and Blockbuster come to mind.
One disruptor has been so effective that its
name is now used as a verb in describing the
effect, getting ¡°Uber-ed¡± referring to losing your
market to a disruptor with little capital investment.
In hindsight, the disruption to these business
models was obvious, yet companies did not act
in time. It¡¯s human nature to be in denial when
dramatic change is required, but change is often
required to survive. Netflix changed from a DVD
delivery model to an online streaming model and
it¡¯s flourished.
Credit unions are at such an inflection point today. In the 1930s credit unions were the disrupters. In those days, people had very limited choices to obtain financial services. You had to be
within a short travel distance from a financial
institution, and they had to be willing and able to
do business with you. Credit unions used a collaborative model to revolutionize providing reasonably priced services to common folks. They
were service oriented.
Today there are hundreds of financial institutions
and other specialized financial service providers
that are just a click away. Many competitors are
convenient and provide superior customer service at low costs. The internet-only competitors
don¡¯t have the costs of brick and mortar and extensive regulations.
Using big data, the competitors often know more
about the members than a credit union knows.
More and more members demand the fintech
connections and delivery systems from their providers. They want a mortgage approval within 10
minutes and a car loan in a minute.
Welcome to the digital age where new disrupters
offer convenience as simple as a touching the
screen on your mobile phone, and if you can¡¯t
compete with these well-financed businesses,
your membership base will likely wither away
over time.
Collaborate Or Lose To The Competition
If you don¡¯t have the internal resources to compete in today¡¯s world of instant gratification
through the internet, and you want to survive as
an independent credit union, there¡¯s only one
effective choice: collaboration.
Fortunately, it¡¯s in the DNA of credit unions to
collaborate. Through the CUSO structure credit
unions have fostered effective collaborations
that create new revenue sources from alternative financial products, dramatically reduced
costs, increased the expertise available to credit
unions and inspired innovative solutions to the
problems facing credit unions.
The inability to create significant spreads in net
interest margins in today¡¯s world is of great concern. CUSOs generate much-needed net income
for credit unions, helping provide capital to support growth in service to members.
Many credit union leaders know this but are reluctant to change their business model, or are
delaying change simply because they don¡¯t know
what to do. That is a serious error and will likely
lead to pressures to merge that may be hard to
resist. The time to change is when a credit union
is financially healthy and has options.
? 2017 CALLAHAN & ASSOCIATES, INC | |
4
2017 CUSO DIRECTORY: A GUIDE TO CUSOS AND THEIR PARTNERS
THE NEED FOR AND THE IMPACT OF CUSOS
In this directory, there are CUSOs providing financial services (investments and insurance) that
generate more than $1 million per year in revenue. Note that this is without any credit risk (as
required for interest income) and provides members with valuable services that enhance the total member relationship.
your challenges and strengths. Talk to credit unions that are collaborating.
There are also CUSOs that provide high levels of
expertise in business, mortgage, and student
lending that have enabled the credit union industry to make millions upon millions of dollars of
performing loans with reasonable underwriting
and servicing costs.
We have two final thoughts to help guide you.
The first is that collaboration is hard work, and
needs constant adjustments to fulfill the goals of
the credit union owners, but it is worth the effort
when done well. Second, work with people you
trust and align with temperamentally and philosophically.
There also are CUSOs that provide a wide variety
of operational services (e.g., IT support, IT core
services, collections, compliance, internal auditing, call centers, etc.). When the CUSOs are well
run, the credit unions enjoy the services at a lower cost with higher expertise than they could obtain on their own.
Joining a CUSO is not the total solution. The credit union must make changes to leverage the revised business model. For many types of operational services, credit unions must agree on common forms, procedures, and policies to realize
the benefits of scale.
Credit unions must also adjust internal staff to
match their talents to the requirements of the
collaboration. You must do more with less people if you expect to reap significant savings.
Talk to the people who know this world, such as
the folks at Callahan and NACUSO. Come to the
NACUSO Annual Network Conference and meet
with those who have successfully collaborated
and have the scars to tell you how to avoid them.
The credit union CEOs who are successfully collaborating have connected on a personal level.
Then they did a good job aligning the staff and
board to the revised business model.
Credit unions jointly face significant challenges.
Those who change in time will survive. There are
several good collaborative CUSOs that help provide timely solutions.
The choice is yours. Will your credit union be Netflix or Blockbuster?
Guy A Messick is NACUSO General Counsel and
Jack Antonini is NACUSO President and CEO.
How To Begin
How do you begin to explore the benefits of collaboration? First, decide what¡¯s open to collaboration. At the very least, it's every service that
does not interact with the members. But also
consider the member-facing services, too. Some
of them can be good candidates for collaboration. Then network. Find out who¡¯s doing what.
Make a list of your collaborative priorities, and
? 2017 CALLAHAN & ASSOCIATES, INC | |
2017 CUSO DIRECTORY: A GUIDE TO CUSOS AND THEIR PARTNERS 5
TOP 40 MULTI-OWNED CUSOs BY NUMBER OF CREDIT UNION OWNERS
Rk.
CUSO
St.
CO-OP Financial Services
CA
ALM Svcs., Elec. Trans. Svcs., Other IT Svcs., Prof. & Mgmt. Svcs., Sh. CU Br. (Svc. Ctr.) Ops.
772
2
PSCU
FL
CC Lns., Disast. Rec. Svcs., Elec. Trans. Svcs., Loan Sup. Svcs., Other Mem. Svc.
425
3
Credit Union 24, Incorporated
FL
Elec. Trans. Svcs., Other, Other Mem. Svc., Sh. CU Br. (Svc. Ctr.) Ops.
267
4
CU*Answers, Inc.
MI
Data Proc., Disast. Rec. Svcs., Elec. Trans. Svcs., Loan Sup. Svcs., Other IT Svcs., Prof. & Mgmt.
129
5
Card Services for Credit Unions (CSCU)
FL
CC Lns., Elec. Trans. Svcs., Other, Other Mem. Svc.
116
6
CU Direct Corporation
CA
Auto Lns., Loan Sup. Svcs., Other Lend., Other Mem. Svc.
83
7
Wiscub, Inc.
WI
Elec. Trans. Svcs., Other Mem. Svc.
78
8
Xtend, Inc.
MI
Bus. Lns., Other Mem. Svc., Prof. & Mgmt. Svcs., Sh. CU Br. (Svc. Ctr.) Ops.
70
9
Credit Union Centers L.L.C.
IN
Other, Other Mem. Svc., Sh. CU Br. (Svc. Ctr.) Ops.
68
MN
Bus. Lns., Ins. Brok. or Agcy., Loan Sup. Svcs., Mort. Lns., RE Brok. Svcs., Sec. Brok.
62
1
10 C. U. Mortgage Services, Inc.
Services Offered
# of CU Owners
11 ICUL Service Corporation
IL
CC Lns., Ins. Brok. or Agcy., Loan Sup. Svcs., Other IT Svcs., Other Mem. Svc.
57
12 CU Solutions Group
MI
ALM Svcs., Other Mem. Svc., Prof. & Mgmt. Svcs.
55
13 CU Cooperative Branching, LLC
LA
Other Mem. Svc., Sh. CU Br. (Svc. Ctr.) Ops.
52
14 Pennsylvania CU Svc. Centers Inc.
PA
Other Mem. Svc., Sh. CU Br. (Svc. Ctr.) Ops.
50
15 CU Svc. Company of Virginia, LLC
VA
Other Mem. Svc., Sh. CU Br. (Svc. Ctr.) Ops.
45
CUSO Financial Services LP
CA
Ins. Brok. or Agcy., Other Mem. Svc., Sec. Brok., Trust and Rel. Svcs.
45
17 Credit Union Mortgage Association, Inc.
VA
Mort. Lns., Other Lend., Other Mem. Svc.
44
18 CU Service Network
CO
ALM Svcs., Other Mem. Svc., Sh. CU Br. (Svc. Ctr.) Ops.
43
19 Cooperative Services, Inc.
GA
Elec. Trans. Svcs., Other, Other IT Svcs., Other Mem. Svc., Sh. CU Br. (Svc. Ctr.) Ops.
41
20 Member Business Lending, LLC
UT
Bus. Lns., Loan Sup. Svcs., Other Lend., Other Mem. Svc.
39
21 Members Trust Company
FL
Other Mem. Svc., Trust and Rel. Svcs.
38
22 Callahan CU Fin. Svc. LLLP (CUFSLP)
DC
Other, Other Mem. Svc., Prof. & Mgmt. Svcs., Sec. Brok.
37
Community Bus. Lenders Svc. Co. LLC
IA
Bus. Lns., Loan Sup. Svcs., Mort. Lns., Other, Other Lend., Other Mem. Svc.
37
MEMBERS Development Co., LLC
KS
Other Mem. Svc., Prof. & Mgmt. Svcs.
37
25 Palmetto Cooperative Services, LLC
SC
Elec. Trans. Svcs., Other Mem. Svc.
34
26 Service Centers Corporation
MI
Other Mem. Svc., Sh. CU Br. (Svc. Ctr.) Ops.
33
Wisconsin CU Shared Svc. Centers
WI
Other Mem. Svc., Sh. CU Br. (Svc. Ctr.) Ops.
33
28 Credit Union Members Access Co.
SC
Elec. Trans. Svcs., Other Mem. Svc., Sh. CU Br. (Svc. Ctr.) Ops.
32
FL
Other Mem. Svc., Sh. CU Br. (Svc. Ctr.) Ops.
32
KS
Loan Sup. Svcs., Mort. Lns., Other Mem. Svc.
30
SC
Other, Other Mem. Svc., Sh. CU Br. (Svc. Ctr.) Ops.
30
32 CU Wallet LLC
CA
Elec. Trans. Svcs., Other Mem. Svc.
29
33 CU Service Centers, INC
AL
Other Mem. Svc., Sh. CU Br. (Svc. Ctr.) Ops.
28
34 Centennial Lending, LLC
CO
Bus. Lns., Loan Sup. Svcs., Mort. Lns., Other, Other Lend., Other Mem. Svc.
27
35 Synergent
ME
Data Proc., Disast. Rec. Svcs., Elec. Trans. Svcs., Other IT Svcs., Sh. CU Br. (Svc. Ctr.) Ops.
25
36 CUILA, LLC
CO
Auto Lns., Loan Sup. Svcs., Other Mem. Svc.
24
37 CU Anytime, LLC
NM
Other Mem. Svc., Sh. CU Br. (Svc. Ctr.) Ops.
23
38 Universal Sharing Network, Inc.
NY
Other Mem. Svc., Sh. CU Br. (Svc. Ctr.) Ops.
22
Shared Branching of Utah, Inc.
UT
Other Mem. Svc., Sh. CU Br. (Svc. Ctr.) Ops.
22
AR
Auto Lns., Other Mem. Svc.
20
Florida CU Shared Services, Inc.
30 Members Mortgage Services, LLC
Carolina Credit Union Services
40 ARCUSO Inc.
All Leader Tables Source: Callahan & Associates, NACUSO, NCUA, and Voluntary Verification
? 2017 CALLAHAN & ASSOCIATES, INC | |
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