Variable Ventures, a group investment think tank, along with six other CUSOs including NACUSO, has committed to drive five initiatives asking for change within the credit union industry. According to Variable Ventures, the role of CUSOs, their collaborative influence, and their impact on national credit union strategies and policy remains woefully underutilized. As a key component of the national credit union network, CUSOs must expand their responsibilities to continue to build and ensure the ongoing viability of the network.
The five initiatives Variable Ventures and NACUSO are promoting include: encouraging and supporting de novo credit union efforts; seeking private deposit insurance alternatives; a national scholarship fund to support struggling credit unions; a national CUSO cooperative design think tank; and impacting the NCUA board member selection process.
“Over time, credit unions have lost some of the self-sufficiency and control that helped the industry expand,” said Vic Pantea, CEO of Variable Ventures. “Our vision is to engage CUSOs in rebuilding that self-sufficiency among our entire credit union network. That will take action, and CUSOs have both the ability and responsibility to lead credit unions in these initiatives. We need to drive home the power of cooperative business models that were at the foundation of the credit union movement.”