Components

Software Components of All Virtual Credit Unions

The following is a initial brainstormed listing:

• Accounts (checking, savings)
  • Individual depository accounts
  • Business accounts
• Loans and Lines of Credit
  • Individual loans, Small business, Auto, Home
• Financial Counseling
• Identity services
  • Certification
• "Electronic Financial Services"
• Trustee or Custodial Services (for loans)
• Safe deposit box leasing
• Long Term Records Management (Internal)
• Notices and Disclosures
• Insurance

CUSOs: Preapproved Activities and Services

• Title 12: Banks and Banking
• PART 712—CREDIT UNION SERVICE ORGANIZATIONS (CUSOs)
• http://www.ecfr.gov/cgi-bin/text-idx?SID=db2ab3aefbd32b861b2dec2166ab89c6&mc=true&node=se12.7.712_15&rgn=div8

(a) Checking and currency services:

(1) Check cashing;

(2) Coin and currency services;

(3) Money order, savings bonds, travelers checks, and purchase and sale of U.S. Mint commemorative coins services; and

(4) Stored value products

(b) Clerical, professional and management services:

(1) Accounting services;

(2) Courier services;

(3) Credit analysis;

(4) Facsimile transmissions and copying services;

(5) Internal audits for credit unions;

(6) Locator services;

(7) Management and personnel training and support;

(8) Marketing services;

(9) Research services;

(10) Supervisory committee audits; and

(11) Employee leasing services.

(e) Electronic transaction services:

(1) Automated teller machine (ATM) services;

(2) Credit card and debit card services;

(3) Data processing;

(4) Electronic fund transfer (EFT) services;

(5) Electronic income tax filing;

(6) Payment item processing;

(7) Wire transfer services; and

(8) Cyber financial services;

(f) Financial counseling services:

(1) Developing and administering Individual Retirement Accounts (IRA), Keogh, deferred compensation, and other personnel benefit plans;

(2) Estate planning;

(3) Financial planning and counseling;

(4) Income tax preparation;

(5) Investment counseling;

(6) Retirement counseling; and

(7) Business counseling and consultant services;

(g) Fixed asset services:

(1) Management, development, sale, or lease of fixed assets; and

(2) Sale, lease, or servicing of computer hardware or software;

(i) Leasing:

(1) Personal property; ...

(k) Record retention, security and disaster recovery services:

(1) Alarm-monitoring and other security services;

(2) Disaster recovery services;

(3) Microfilm, microfiche, optical and electronic imaging, CD-ROM data storage and retrieval services;

(4) Provision of forms and supplies; and

(5) Record retention and storage;

(o) Travel agency services; and

(p) Trust and trust-related services:

(1) Acting as administrator for prepaid legal service plans;

(2) Acting as trustee, guardian, conservator, estate administrator, or in any other fiduciary capacity; and

(3) Trust services.