This article was originally published on CUToday.info written by Frank Diekmann, who has been a big supporter of NACUSO and is a great reporter. Frank has written extensively on developments in auto lending, and he, like Tony Boutelle, believes these changes are going to arrive faster than many of us think.
Last month CU Certified/Down East Insurance Agency was awarded the New CUSO of the Year Award – Runner Up. This is a one-of-a-kind CUSO that we are proud to feature in our NACUSO Spotlight Series.
Thinking back thirty years ago, a NACUSO conference was maybe 40 people if you count the waiters. Ninety percent of the CUSOs did investment services with broker/dealers in networking arrangements. The net interest margin in CUSOs was fat and that made credit unions happy. CUSOs were a little known oddity and not very important to the health of the industry. Today is a different story. With competitors crawling all over the Internet with convenient, frictionless services at competitive prices and with a nearly non-existent net interest margin environment, credit unions need help and they need help fast.
This year’s event began with golf at one of the most beautiful courses in the US – Pelican Hill. Then on Monday afternoon Messick, Lauer & Smith officially kicked off the event with Hot Topics for CUs and CUSOs in 2018. The room was packed and set the tone for another great meeting of minds.
PSCU – the nation’s leading CUSO – has announced its investment in CULedger, a credit union industry initiative for developing applications of distributed ledger technology. This technology, which offers a protocol that allows innovation around financial transactions, may become the system on which the future of financial processes is built.