NEWPORT BEACH, Calif.–NACUSO has released a new white paper titled “A Guide for Credit Unions Providing Investment and Insurance Services.”
Authored by Guy Messick, who has been representing NACUSO as its legal counsel for more than 30 years, the paper reflects Messick’s insights and expertise on how credit unions and investment and insurance firms work together to serve members and create alternative revenue streams for credit unions, as CUs are now permitted to receive a share of commissions.
NACUSO noted in releasing the paper that these revenue streams add millions of dollars a year in fee income to credit unions and provide a valuable service to members.
“Because the securities and insurance businesses are so different from credit unions, credit unions often have misconceptions of how the relationship should be structured,” stated NACUSO. “How does the process work? What are fair terms? What are the regulatory issues that must be addressed in the business model and agreements? What do the industry terms mean? What are best practices?”
NACUSO said the Guide provides credit unions with the background to enable credit unions to better understand how to effectively evaluate and engage investment and insurance firms in a mutually beneficial business model.
The Guide is available to NACUSO members and will be distributed at the 2018 NACUSO Network Conference at the Disneyland Hotel in Anaheim, Calif. on April 16 – 19.