Users Of CUStOm Program Told It Will Widen CUSO Opportunities

Register now

Twenty managers who use CUNA Mutual's CUStOm Program met here recently to network, discuss Credit Union Service Organization (CUSO) industry trends, emerging technologies, and CUNA Mutual/CUSO initiatives.

The CUNA Mutual CUStOm Program is a financial management services program designed for CUSOs. CUStOm Program managers are employed by their CUSO, and registered with CUNA Brokerage Services Inc. (CBSI), CUNA Mutual's securities broker/dealer. Program managers oversee all credit union investment products at their individual locations. Some 30 CUSOs currently use the CUStOm program.

CUNA Mutual VP John Henry told the managers to anticipate greater assets under management and said that the liberalization of Rule 721 as an industry change that will greatly affect CUSOs. "Expanded powers will play an important role in CUSO financial integration," Henry said. "It will widen the CUSO distribution model as it will allow credit unions to better utilize their employees, while effectively integrating investment products into their mix of offerings."

Among the other topics was discussion of account aggregation, with Henry pointing to Members Development Corp.'s release of the new "View My Accounts" feature as meeting that need.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER