Hi – Walt Agius here…I just got back from attending the Annual NACUSO conference (National Association of Credit Union Service Organizations). It was a great conference with great folks and almost unlimited networking opportunities. I had an opportunity to personally touch base with and have actual quality time with well over a dozen great contacts, making some new friends and revisiting with some old friends.
#1 on my agenda, and the main reason for attending, was to network and have the opportunity to talk to key CUSO, credit union, and supplier folks to tell them about CU Sol and how CU Sol has collaborated with Deep Future Analytics (another CUSO) to provide CECL Compliance for the smaller and mid-size market. Plus, CU Sol just purchased shares of CU Lending Edge, officially making CU Lending Edge a CUSO. And of course, I explained the collaborative and investment opportunities with CU Sol, while sharing CU Sol’s strategy and vision for the future.
All in all, there was a lot of interest in working with us, and I’m already in serious contact with several CUSOs and suppliers working towards future collaborative relationships that will serve the marketplace well.
Interesting to note, though, that for all the CUSO collaborative talk and rhetoric, it is still difficult to even get a call back from some folks. Seems the bigger the CUSO, the harder it is to get their attention. I think that should be just the opposite. The bigger CUSOs have more clients, and those clients have needs. Why not expose their client base to the products and services of other CUSOs for CUSO products and services they know that their clients need? Sometimes I just don’t get it.
Putting that aside, CU Sol is truly living and implementing the collaborative philosophy. Take the CECL program for example (we’ll write about the CU Lending Edge program in a follow-up article). By now everyone in the industry knows that virtually every lending-related financial institution is subject to the upcoming CECL requirements. And we all know that smaller and mid-sized credit unions and banks will be challenged resource and time wise to meet those requirements. So, a bunch of new CECL experts have arisen in the marketplace (accounting firms, consultants, and even the corporate CUs who are actually working via endorsement programs with other providers).
As choices for CECL providers go, there are only two CU-owned CECL providing entities in the marketplace – Deep Future Analytics and CU Sol. Our two CUSO’s are collaborating to provide CECL to all credit unions of any size or complexity. As credit unions seeking providers, you can spend your resources outside of the industry, or, you can utilize the services through a CUSO, keeping resources in the movement. And because we are a CUSO, you also have the assurances of working with a knowledgeable and experienced credit union provider.
CECL is a big deal. And while you may have a lot of alternatives, there’s only one collaborative, credit union-owned provider that truly knows you, and that keeps your resources working for credit unions. There’s nothing wrong with spending your dollars elsewhere and making other providers rich, but why not at least explore the collaborative CUSO option when considering a provider of any needed product or service? Especially CECL!