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NACUSO conference kicks off with CUSO 101
LAS VEGAS (4/30/08)--The National Association of Credit Union Service Organizations (NACUSO) opened its 2008 Annual Conference Sunday in Las Vegas, marking its 23rd anniversary and offering a credit union service organization (CUSO) 101 tutorial to attendees. The 400-plus attendees also were provided a CUSO legal update and discussion of current regulatory topics presented by NACUSO General Counsel Guy Messick and Brian Lauer--both attorneys with Messick & Weber, P.C., Media, Pa. Messick and Lauer discussed the strategic uses of CUSOs, and when to use CUSOs and incidental powers. The CUSO formation process, normal organizational structure, and the relationship between the credit union-owners and the CUSO also were presented. Examples of CUSO services that are gaining popularity were highlighted. These included youth marketing, disaster recovery, business continuity and investment advisory services. “Regulators are recognizing that CUSOs are the future of credit unions,” Messick said. “In order to properly evaluate CUSOs, we have to create a new model in the credit union industry, in which credit unions not only provide services, but also monitor the services. “Credit unions can’t just hand over the keys of operational services to third parties, including CUSOs, without monitoring them,” he continued. “So NACUSO is helping credit unions and CUSOs develop a means for ensuring proper evaluations are in place and that we as an industry move forward in a new model.”
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