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GRBJ: Credit Unions Diversifying Product Offerings

May 22, 2014

The Grand Rapids Business Journal recently spoke with Varnum attorney Steve Buquicchio about the growing trend of credit unions to increase their product offerings via credit union service organizations, or CUSOs.

Thanks to credit union service organizations, many credit unions are now finding ways to increase their product offerings to fit the full scope of members' financial needs.

A CUSO is a separate entity from a credit union, but it shares the same membership and is housed within the credit union.

A CUSO can offer such things as insurance products, financial planning services, income tax services and real estate services.

Varnum attorney Steve Buquicchio said credit unions have really started to compete in the last decade with banks and other financial institutions for customers, which has increased the number of CUSOs out there.

"As credit unions are looking for ways to diversify their products and member offerings, CUSOs are one way to do that."

Read the article in its entirety: Credit unions diversifying product offerings

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