SEC extends banks' exemption from "broker/ dealer" definition; CUNA considers response

<p>WASHINGTON – The Securities and Exchange Commission met May 8 and decided to extend the temporary exemption of banks, savings associations and savings banks from the definitions of “dealer” until Nov. 12, 2002, and “broker” until May 2003. The SEC made no mention of credit unions or CUSOs in its announcement. CUNA Assistant General Counsel Jeffrey Bloch said the association learned about the SEC’s decision on May 13. At press time, CUNA was still reviewing the SEC’s decision to see how it relates to credit unions. “We’re still digesting the information and figuring out what our response will be,” Bloch told Credit Union Times. One possible response, he said, would be for CUNA to ask the SEC to give credit unions similar deference. NACUSO General Counsel Guy Messick said he “can’t imagine the SEC will require credit unions to implement the new CUSO model until next year.”</p>