Michael Gudely said he is aware that his position on a new proposal that that would essentially change how credit union service organizations are monitored may go against the grain.
"If CUSOs are to remain viable third-party vendors for credit unions, particularly MBL CUSOs, we must find common ground with the NCUA in its efforts to create a safer and more transparent credit union industry," said Gudely, president/CEO of Innovative Business Solutions in Fort Mill, S.C.
In an effort to protect credit unions from losses, the NCUA board recently proposed a rule that would require all CUSOs to file financial reports directly with agency and the appropriate state supervisory authority. The proposal would also make additional parts of the CUSO rule applicable to federally insured, state-chartered credit unions as well as federal credit unions.
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