The membership of CURoots Cooperative has approved the transfer of the CUSO's ownership to the California League Services Corp.
The sale and transfer of assets will be finalized on Feb. 28, the California and Nevada Credit Union Leagues said after CURoots membership's special meeting on Friday. The date is also when the leagues will assume operation of CURoots, whose services include shared compliance and specialty internal audit services.
All current compliance and audit services and contracts will continue uninterrupted, the leagues said.
All member credit unions of the leagues will be eligible for the Ontario, Calif.-based CURoots' preferred member pricing as of March 1, and the $20,000 membership purchase will no longer be required, according to the league.
"This will minimize the duplication of efforts within the credit union system and furthers the objectives of credit union collaboration," said Gary Perez, CURoots board chairman and president/CEO of the $362 million USC Credit Union in Los Angeles.
"We are pleased we can provide our member credit unions in California and Nevada with additional compliance and internal audit solutions, which will complement current league compliance services such as InfoSight, CU PolicyPro and the Research and Information Hotline," said Diana Dykstra, president/CEO of the California and Nevada Credit Union Leagues.
"Bringing CURoots services under the leagues will leverage our larger scale and help reduce costs and increase efficiencies," Dykstra added. In addition to the leagues, CURoots was owned by 16 credit unions and CO-OP Financial Services.
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