Plans were already on the table for South Carolina Federal Credit Union to launch another credit union service organization when one of the biggest threats to the industry started to reverberate.
The $1.3 billion cooperative in North Charleston, S.C., wanted to build another CUSO after having an indirect lending CUSO in place for years, said Bonnie Ciuffo, chief information officer. Some early discussions led to which directions to go in.
"What really pushed it along was the threat and loss of interchange," Ciuffo recalled. "We knew we had to find some alternative means of income. Our choice is not to fee our members to death."
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
