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April 28, 2003
Perhaps taking one and go into more detail e.g. CO-OP ATM Network
I'd appreciate some more information on the business interaction process between a typical CUSO and its CU members. Thank you.
Chip, we created a downstreaming holding company in about 1973 in San Antonio at the then Government Employees Credit Union. After receiving the charter, we put $1,000 in as capital. We let 2 examinations by the State Credit Union Department before we activated the holding company. We moved our data processing operations into it (we were already processing about 8 credit unions including Security Services FCU). And, later contracted with the Texas League to process credit unions throughout the state. This was not a good experience because of the hand-holding required and the dues hammer credit unions used to get extra service at no cost. We later bought a Corporate General Agency (paper only) for $70,000 and started using it for credit life and disability insurance. There were only 22 of these left in the state. They permitted premium income to flow back to the corporation instead of licensed agents. It was a huge success. We also organized a retail real estate agency and sold, financed and insured homes for our members. We would up with about 4 companies under the holding company. Today these are called CUSO's. We tried to get other credit unions to participate in ownership but were only successful with one small credit union. It is really time for credit unions to quit competing so viciously against each other and cooperate. Today, there is tremendous competition in the major cities in Texas. And, beginning in our small city. We have a credit union using the league's recapture program to solicit auto loans made to our members. I would have a very difficult time working with this credit union. I have signed up for the webinar on buying an insurance agency. I have found about 11 in the state for sale but none in the local area. We do participate with CUAC in Houston for indirect lending and with CENTRIX in Colorado. Jim Williams
2014 Credit Union Performance In 7 Chart...
Industry Performance (3Q 2015)
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