CUNA is calling on the NCUA to withdraw or substantially revise its proposal that includes new monitoring rules for CUSOs.
"NCUA already has a number of options it can employ to ensure credit unions do not get into trouble by participating in a CUSO without having to adopt the CUSO oversight provisions in the proposal," wrote Mary Dunn, CUNA senior vice president and deputy general counsel, in a Sept. 13 letter to the regulator.
Still, Dunn said "credit unions must already engage in reasonable due diligence regarding their CUSOs, and examiners should check to make certain they do so and that they are receiving the information and accountability from their CUSOs that they need to make sure there are no material problems."
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