Press
CUSO offers to assist clients with quarterly 5300 process
GRAND RAPIDS, MI (March 20, 2014) — In light of the recent NCUA notification that fines for late submissions of the quarterly Call Report were imminent, Xtend, Inc., the Grand Rapids, Michigan-based multi-owned cooperative CUSO, and its fellow CUSOs in the cuasterisk.com network embarked on an awareness campaign to help ensure its credit union customer-owners were making timely reports. The campaign consisted of an electronic notification and follow-up phone calls executed by Xtend’s call center agents.
Xtend President Scott Collins said, “The data processing CUSOs in our network have made, and continue to make, significant investments in functionality that helps our credit unions take much of the heavy lifting out of the quarterly reporting process. Since we do not want see any of our clients get penalized for late submissions, we felt it was important to remind them that they have both tools and human resources to leverage. Many CEOs in our network have shared that their 5300 reporting preparation timeline has shrunk from days to hours after engaging our team in the mapping process. Conservatively, I would estimate that we have provided that consulting to more than four dozen of the 200 credit unions in our network, and this was our way of reminding those still doing it ‘the old fashioned way’ that they had a robust set of tools they could be utilizing.”
Collins also noted that two dozen credit unions in the cuasterisk.com utilize the CUSO’s back office team for 5300 prep work each quarter.
About Xtend (www.xtendcu.com)
Xtend, Inc. is a 100% credit union-owned CUSO formed in 2002 with headquarters in Grand Rapids, Michigan. Xtend provides a wide array of managerial, operational, marketing, technical planning and consulting services for credit unions of all sizes. In short, Xtend is an aggregation point for shared resources that allows credit unions to deliver products and services more cost-effectively. Their strategic offerings include bookkeeping services, member contact services, back-office mortgage services, partnered liquidity opportunities, shared branching, compliance monitoring, and insurance services. Xtend provides services for over 180 credit unions representing more than 925,000 members and $9.2B in assets. The CUSO is currently owned by 75 credit union partners.