CUSOs provide affordable access to technology and expertise.
In 2017, during the aftermath of Hurricane Harvey, $3 billion asset Credit Human Federal Credit Union in San Antonio needed to provide members with pre-approved, short-term emergency funds. It found the answer in a credit union service organization (CUSO).
The CUSO, QCash, offers a cloud-based payday loan alternative, says CEO Ben Morales. The credit union wasn’t looking to generate loans or fee income. It simply wanted to give members instant access to funds.
“They wanted to automate and make their preapproved loan process more efficient,” he says. “Our engine does that well. So we made some adjustments to our system and built in some new capabilities, and we were able to help them.”
The takeaway: Technology and collaboration make credit unions stronger, individually and collectively, Morales says. “If you’re part of a CUSO, the tide raises all boats.”
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