NEWPORT BEACH, Calif. – The National Association of Credit Union Service Organizations is concerned that there is no mention of `CUSOs' in an SEC proposal that would allow credit unions to conduct certain activities without registering as a broker/dealer. "Note that banks and thrifts will have more extensive powers" (but) "the regulation does not mention CUSOs and no power will be given CUSOs to receive commissions without being registered as a broker/dealer." NACUSO has advised "those of you who have not moved your programs from the CUSO to the credit union to plan to do so in the coming months." "We are told by the SEC that we can still expect a no-action letter within a month but you can be sure that CUSOs will not be given any power under the no-action letter, given the absence of a mention of CUSOs in the regulation," NACUSO wrote. The SEC proposal extends exemptions to CUs involving earning commissions in a networking arrangement; sweep accounts; and buying and selling securities for their own accounts and as fiduciaries for their members.