LAS VEGAS–Variable Ventures and the National Associations of CUSOs have teamed to create the CUSO Challenge, which is looking to champion five “major initiatives.”
Attendees at the NACUSO Network meeting here were introduced to the Challenge during the event’s opening session. Variable Ventures is part of the Asterisk Network of CUSOs.
“This is a set of five ideas for our industry that we hope will change the future for the better,” said Liz Winninger, president and CEO of the Michigan-based CUSO Xtend, which is part of CU*Answers.
Winninger said she has always enjoyed the Warren Buffett observation that “Someone's sitting in the shade today because someone planted a tree a long time ago,” which is the concept behind the CUSO Challenge.
The Five Initiatives
The five initiatives, which are also available on the organization’s website, include:
- Increase De Novo Credit Unions. This includes a “national consortium of CUSOs dedicated to supporting a new and vigorous strategy for the advancement of de novo credit unions.”
- Deposit Insurance. “An effort to inspire innovative private deposit insurance alternatives.”
- Scholarship Fund. “A national service scholarship fund to support struggling credit unions.”
- Think Tank. “A national CUSO cooperative design think tank.”
- NCUA Governance. “An effort by CUSOs to impact the selection process for the NCUA Board of Directors.”
New Fund to Launch
When it comes to the launch of de novo credit unions, Winninger said a “Community First Fund” will launch in January 2022 to provide assistance to start-ups.
“CUSOS have grown into multi-million-dollar organizations. We are doing well, but we are in an industry that is shrinking,” said Winninger. “There are now 800 CUSOs and they are growing. Every day we are seeing credit unions going to the wayside and all of that knowledge is being lost. Collaboration has really been able to help our struggling credit unions to survive.”
Winninger said the initiative will include $60,000 a year in “scholarships” and free services to provide those start-ups with a head start.
On the website organizers are encouraging those interested in becoming part of the effort to sign up and provide support.