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.
The National Association of Credit Union Services Organizations (NACUSO), the only trade association focused on growing and protecting the CUSO movement recognized four outstanding CUSOs and one innovative and collaborative credit union at the 2018 NACUSO Network Conference at the Disneyland Hotel.
A dollar went a whole lot further back in the day. In fact, more than 100 years ago four cents bought what a dollar buys today. Back then a loaf of bread was a nickel and steak was $0.25 a pound.