A conversation on innovation, collaboration, and CUSO executive compensation
I recently attended an Underground Collision session at the 2018 NACUSO Network Conference during which Susan Mitchell, CEO of Mitchell, Stankovic & Associates, and I discussed many topics ranging from innovation to CUSO executive compensation. Check out this excerpt from our exchange and be sure to check out the full article at the Underground website.
Sue: Credit Union Service Organizations were started by credit union leaders as a for-profit, entrepreneurial endeavor to add value to members and generate income! Think of the early days of CO-OP, PSCU, CUSG, CU Direct, Shared Branching and CU*Answers. These collaborative efforts started some of the largest, most successful business ventures in the credit union industry and have returned significant dividends to the original investors, not to mention the impact on credit union owners and charitable causes. Is this true today or have they have become competitive ventures that may distract from the credit union mission?
Randy: I always think of CUSOs as being started to expand the powers of credit unions. CUSOs created the ability to diversify the cooperative tactics and expand on the idea that if a community owned a cooperative venture then they should have the chance to leverage it for even more value. Why have a one-trick-pony venture? If we can do this, why not that. Cool idea. Now the natural extensions usually come in two flavors – financial service extensions or emulating vendor solutions from non-CU owned entities. But the spirit of the design to DO MORE with your cooperative owners is a cool idea.