What is now required in order for all this to happen is for CUSCAL to employ specialist staff with skills -- including risk evaluation skills -- such as would enable them to properly assess and document commercial loans.
The rest of the loan would be offered by CUSCAL to other participating credit unions, so that the loan might ultimately be funded by nine or ten credit unions.
CUSCAL would simply be taking a sound concept and making it available for credit unions for loans of a much lesser magnitude, between -- say -- $10 million and $50 million.
is already an authorised deposit-taking institution.
Credit card processing firm, Cuscal, signed a deal with Apple Inc that will see Credit Union Australia, Police Bank, Bank Australia and other banks and credit unions being added to the contactless payment app for iPhone and Apple Watch.
Cuscal said that it was expecting more of its banking partners to come on board in the near future.
National Australia Bank Limited (NAB) (NAB.AX) (OTC: NABZY) is to combine its automatic teller machines (ATM) with those of credit union ATM administrator Cuscal to create the nations' second biggest but most geographically dispersed network.
NAB and Cuscal, the developer of the rediATM sub-network, have said that they had agreed to combine their ATM networks in a non-cash deal to create a 3,100 ATM-strong network.
Cuscal will combine its newly established 1,400 ATMs with NAB's 1,700 ATMs, but only the NAB-owned machines will be co-branded.