MiBiz: Credit Unions Get OK for Equity, VC Investing
West Michigan business publication MiBiz reported on the August 2012 ruling that allows state-chartered credit unions to invest in credit union service organizations (CUSOs), that can make private equity and venture capital investments.
“I suspect there’s going to be some pretty good activity in the aftermath of this order,” said Steven Buquicchio, a law partner at the Grand Rapids office of Varnum LLP who works with credit unions and banks.
Buquicchio expects both large and small credit unions to work with a CUSO in which they hold a stake to branch into equity and venture investing. The credit unions that have been “very aggressive” in their markets will make the first moves, setting the stage for others to follow, he said.
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