The goal all along was to get Kansas and NCUA examiners on the same page.
That's how John Smith, administrator of the Kansas Department of Credit Unions, described the motivation behind inspection of a CUSO's books and records in the state. The measure recently made headway when the NCUA approved the Kansas State Supervisory Authority's request to exempt state-chartered, federally insured credit unions from NCUA rules on access to CUSO books and records.
"We just want this to be a coordinated effort," Smith explained. "Our regulations are very similar. The regulation is permissive for credit unions that want to provide services through a CUSO."
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