One of the marks for a growing and successful financial services industry, like any other industry, is the consistent search for forward-thinking innovation and the financial tools to keep credit unions top-of-mind while expanding membership.
Every once in a while, though, our fellow industry friends and colleagues have different ideas, philosophies, or concerns for how to go about agreeing to and implementing those innovations in moving the proud credit union movement forward.
The time for credit union innovation is now
During the National Credit Union Administration’s (NCUA) monthly Board meeting in January 2021, the Board approved a proposed rule with a 30-day comment period that would amend the NCUA’s credit union service organization (CUSO) regulation by giving them the authority to work with federal credit unions (FCUs) to originate the kinds of loans an FCU may themselves originate.
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