WASHINGTON – Callahan & Associates has published its 2004 Directory of Credit Union Cooperatives and the company says the data collected show that when it comes to lending, investment, and technology services, multi-owned credit union service organizations are having a greater impact on CUs and members than ever before. The innovation and market strength delivered by the estimated 138 multi-owned CUSOs are increasingly critical to CUs' success, says a company release. "With credit unions holding a limited market share in most services they offer, cooperation is essential to the industry's progress," said Jay Johnson, EVP of Callahan. The directory includes a table that identifies the top 10 multi-owned CUSOs. Leading the list in terms of total assets as of December 2003 is PSCU Financial Services, followed in rank order by CO-OP Network, Central States Mortgage Company, CUMAnet LLC, Credit Union Direct Lending, Mortgage Center LLC, Primary Financial, CUSO Mortgage Corp., The Member First Family of Companies, and CUSO Financial Services. When ranked by number of credit union owners, CO-OP Network leads with 970 owners. The business impact of multi-owned CUSOs is visible across the industry, the directory notes, and new cooperative initiatives continue to be launched. Meanwhile, says Callahan & Associates, the bulk of the 628 wholly-owned CUSOs are focused on providing "non-traditional" financial services to members, with almost half offering investment services. -

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