Now that the Sept. 26 comment deadline has passed, the NCUA will likely read through the more than 140 letters it has received on its proposal to amend the CUSO rule.
At press time, the majority of the letters were against the proposed amendments to Part 712, which include requiring all CUSOs to file financial reports directly with the NCUA and the appropriate state supervisory authority. The NCUA board has also proposed limiting FISCUs' aggregate cash outlays to CUSOs.
NCUA Chairman Debbie Matz recently told NAFCU's Congressional Caucus attendees that the agency is likely to make changes that could exempt CUSOs that perform back-office operations that don't pose a potential risk to the credit union system.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
