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Protecting CUSO Operations Against Scrutiny

When NCUA Chairman Debbie Matz spoke at a December Senate hearing on new regulations on natural person credit union risk concentrations, she pointed out that the regulator is also looking into performing its own exams of third-party vendors that provide services to NCUSIF-backed credit unions.

By Michelle A. Samaad | Updated on March 16, 2011

When NCUA Chairman Debbie Matz spoke at a December Senate hearing on new regulations on natural person credit union risk concentrations, she pointed out that the regulator is also looking into performing its own exams of third-party vendors that provide services to NCUSIF-backed credit unions.

Matz said what’s in place now “presents risks such as threats to credit risk, security of systems, availability and integrity of systems, and confidentiality of information.” Credit unions currently have $1.3 billion invested in CUSOs and approximately 33% of all credit unions reported using CUSO services in 2010, she told the Senate Committee on Banking, Housing and Urban Affairs during a state of the credit union industry address.

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