SACRAMENTO, Calif. - The Golden 1 Credit Union is among the latest to bring its financial services credit union service organization in house. Officially made on July 1, the transition saw the former The Golden 1 Financial Services, Inc. merged into the $5 billion credit union. With the move, comes a new moniker: The Golden 1 Investment Services. Members will continue to have access to products and services through multiple delivery channels, said Scott Jenner, senior vice president of the new department. "This change will be relatively seamless, as the same team of financial consultants will be available to assist members with investment decisions," Jenner said. Launched in 1985, the former CUSO has 11,000 accounts and $235 million in assets under management. The Golden 1 Credit Union is California's largest credit union serving more than 550,000 members. Discussions to make the transition began about six months ago and was partly motivated by NCUA's passage of Incidental Powers Regulation, Jenner said. Federal credit unions are permitted to engage in several powers under the Federal Credit Union Act including financial counseling and acting as a trustee or providing custodial services for member retirement or education accounts. More importantly, bringing services in house seemed to be the right fit, Jenner said. "It closely aligns our investment program with the mission of the credit union - providing (an array) of services and products to the members," said Jenner, who previously served as the senior vice president of the credit union and COO of Golden 1 Financial Services. Jenner said The Golden 1 CU will continue its relationship with XCU Capital, Inc., a broker/dealer owned by 17 credit unions. "XCU is pleased that (the credit union) is moving forward with this integration," said Mark Allen, president/CEO, confirming that the broker/dealer relationship will remain intact. No additional staff training is needed nor was there a physical move from another office, Jenner said, adding accounts will not change and the same 11 financial consultants that served members before the transition, will continue to do so. Compensation previously earned by the CUSO will now be earned by the credit union, Jenner said. The terms are the same and there will be no income increase as a result of the transition, he pointed out. Another large California credit union recently made the move as well. In January, $4.5 billion Orange County Teachers Federal Credit Union transitioned its member investments operation out of its CUSO, Member Investment Services, to its traditional line-up of services provided at the credit union. OCTFCU, which serves more than 300,000 members, has more than 6,700 accounts with $110 million in assets under management through CUSO Financial Services, L.P. (CFS). [email protected]