Episode description
On this episode, host Vince Passione is joined by Ronaldo Hardy, President and CEO of the National Association of Credit Union Service Organizations (NACUSO). Ronaldo talks about the basics of a credit union service organization as well as the benefits for fintech companies in partnering with credit unions through CUSOs. With nearly a decade leading financial institutions, Ronaldo provides insights into how CUSOs operate today and the direction they are moving towards in the future.
Key Takeaways:
(00:48) CUSOs act as the entrepreneurial arm of credit unions, providing shared resources.
(02:07) Any entity taking just $1 of investment from a credit union becomes a CUSO.
(03:14) CUSOs allow for increased collaboration between fintechs and credit unions.
(05:09) CUSOs evolved from cooperatives to more innovative models responding to consumer expectations.
(08:36) Credit unions are reorganizing as fintechs while still delivering the credit union model.
(15:20) Removing lending restrictions allows credit unions to reach their members better.
(20:48) Building talented people focused on empathy and purpose is critical for credit union success.
Resources Mentioned:
Ronaldo Hardy - https://www.linkedin.com/in/ronaldohardy/
Credit Union Innovation Report - https://www.filene.org/reports/credit-union-innovation-the-member-perspective
NACUSO - https://www.nacuso.org/
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#CreditUnion #Lending #Fintech