Because CUSOs are not considered financial institutions, the National Association of Credit Union Service Organizations said they should not be required to disclose certain incentive-based compensation arrangements.
NACUSO's position has to do with a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which tasked the NCUA and other federal regulators to prescribe regulations requiring disclosure of certain incentive-based compensation arrangements for executives, directors, employees or principal shareholders of a covered financial institution, including nearly all state and federally chartered credit unions.
The act applies to institutions regulated by federal regulations, wrote NACUSO President/CEO Jack Antonini. Since CUSOs are not regulated by or directly supervised by the NCUA, it is not clear if the proposal should apply to them, he added.
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