The Selection of Promoted Entities
The NBS Board shall select the Promoted Entities that further the mission of NACUSO to strengthen credit unions through the power of collaboration and reflect well on NACUSO’s reputation for integrity and professionalism.
The NBS Board shall have broad discretion in determining which candidates NBS will promote. To assist the Board in this determination, Evaluation Criteria is set forth below. The Evaluation Criteria shall serve as a guide for the NBS Board in assessing whether to promote a particular candidate. A deviation from the Evaluation Criteria shall not automatically disqualify a candidate nor does full compliance with the Evaluation Criteria require acceptance of the candidate.
- The Promoted Entity is a CUSO or desires to become a CUSO with the assistance of NBS. A Promoted Entity that is not a CUSO may be promoted if the service provided is unique and highly valuable to credit unions or CUSOs.
- The Promoted Entity is a gold or platinum partner of NACUSO or has the commitment to become one, once the Promoted Entity has sufficient funds to do so.
- The Promoted Entity provides a service that is a tangible benefit to credit unions or CUSOs.
- The Promoted Entity demonstrates the benefits of collaboration in the business model.
- The Promoted Entity offers a unique value to the credit union industry (preferred but not a necessity).
- NBS is able to receive its revenue share without materially reducing the benefit to the Promoted Entity’s customer, i.e., the fee charged to a customer is commercially reasonable.
- NBS has the capacity to provide the anticipated promotion services.
- The anticipated revenue from the promotion services justifies the anticipated effort by NBS.
- The Promoted Entity has completed the due diligence package and has met the due diligence standards of the NBS Board. The due diligence package will be made available to prospects of the Promoted Entity to the extent as appropriate, given whether the prospect is an investor or only a customer.
- The promotion of the Promoted Entity does not adversely impact NBS’ or NACUSO’s reputation.
- NBS may withdraw from its promotion of a Promoted Entity at any time it deems its continued promotion not to be in the best interest of NBS, NACUSO or NACUSO’s members.
- The Promoted Entity will indemnify and hold harmless NBS, NACUSO and its officers and directors from liability associated with its operations.