ONTARIO, Calif. As expected, the membership of the CURoots Cooperative on Friday approved the transfer of the ownership of CURoots to the California League Services Corporation.
Credit Union Journal first reported this story in its Feb. 6 Online Daily Update.
The sale and transfer of assets will be finalized on Feb. 28. The date is also when the California and Nevada Credit Union Leagues will assume operation of CURoots, whose services include shared compliance and specialty internal audit services. All current compliance and audit services/contracts will continue uninterrupted.
All member credit unions of the two Leagues will be eligible for CURoots’ preferred member pricing as of March 1, and the $20,000 membership purchase no longer will be required.
“This will minimize the duplication of efforts within the credit union system and furthers the objectives of credit union collaboration,” said Gary Perez, CURoots board chairman and president and CEO of USC Credit Union in Los Angeles.
“We are pleased we can provide our member credit unions in California and Nevada with additional compliance and internal audit solutions, which will complement current League compliance services such as InfoSight, CU PolicyPro, and the Research and Information hotline. Bringing CURoots services under the Leagues will leverage our larger scale and help reduce costs and increase efficiencies,” said Diana Dykstra, president and CEO of both leagues.
