GRAND RAPIDS, Mich.–CU*Answers has partnered with the law firm Messick, Lauer & Smith to develop a new CUSO formation guide aimed at promoting the value of CUSOs and to help those interested in starting their own.
The guide is free and available to all.
“CUSOs help credit unions solve problems and often enable credit unions to act bigger than they are,” said Scott Page, Developer’s Help Desk business manager for CU*Answers. “Collaboration aggregates the resources of credit unions to enable each participating credit union to provide more member services more efficiently and effectively. For example, if a credit union has a highly performing lending program and shares the services with other credit unions through a CUSO, the original credit union can spread its fixed costs over a greater number of loans. The credit unions receiving the service have an effective lending platform for a cost they could not otherwise have afforded.”
The guide includes valuable information for anyone considering forming a CUSO, including an overview of legal rules and regulations, organizational and operating considerations, essential CUSO formation documents needed, and more, CU*Answers said. The document is being offered to all interested parties for free, and an electronic copy can be ordered from the CU*Answers online store.
Separately, CU*Answers has kicked off another year-long round of the “Building Solutions in a Cooperative” Boot Camp,” with 10 participants from credit unions and CUSOs across the country gathering for a two-day intensive session around how the network works together to prioritize and build solutions for credit unions.
“Boot Camps are unlike any other client interaction, and we have a lot of direct client interaction,” said Dawn Moore, CU*Answers VP of Product Design. “Participants get a true insider look at the in-the-weeds procedures and challenges that come with building software products, integrating with multiple vendors, and managing diverse credit union needs and priorities,” said Moore. As with the previous two Boot Camp sessions, this year’s group is focusing on making sure the CUSO’s model for prioritizing projects not only serves clients well, but is transparent to all stakeholders.
Boot Camp participants agree to commit a total of eight full days to the program, spread across quarterly two-day sessions, with travel costs to CU*Answers’ Grand Rapids campus covered by the CUSO. Participants receive an up-close-and-personal experience with CUSO insiders, covering subject matter at a level much deeper than typical focus groups or education events.
This year CU*Answers said it is also launching the “Developers Help Desk Project Boot Camp,” which will give participants a hands-on, do-it-yourself experience building new solutions. Boot Campers will work directly with CUSO developers and technicians on their own project ideas, such as designing a new mobile app, or integrating with a new third-party vendor, or creating new features for existing member products and services.