Wescom CU Brings Its Broker-DealerIn-House

Register now

PASADENA, Calif. - (09/16/04) -- Wescom CU said it has decided to endits networking arrangement with CUSO Financial Services and startoperating its wholly owned Wescom Financial Services unit as anindependent broker-dealer. The move was prompted by a Securitiesand Exchange Commission ruling allowing credit unions to offerinvestment services without registering as a broker-dealer. WescomFinancial currently manages $316 million in assets for the creditunion's members. The $2.7 billion credit union will continue tohave CUSO Financial provide its administrative and back-officeservices, and will retain a limited partnership in the SanDiego-based brokerage.

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