Also Read: CUNA Eyes NCUA Budget

Under the CUSO rule, every CUSO would be required to file financial reports directly with the NCUA and the appropriate state supervisory authority.

In July 2011, the NCUA also suggested applying parts of the CUSO rule to federally insured state-chartered CUs and federal credit unions.

In October of this year, Credit Union Times asked Board Member Rick Metsger for his response to Board Member Michael Fryzel's concern over the cost of the CUSO rule.

“I'm concerned about the cost of everything; that's my nature. I have hopes that those costs will be less than were originally articulated a year ago. I believe we're making progress and I think that is a positive sign,” Metsger responded.

The former Oregon state legislator pointed out that current law allows the examination of CUSO books and records.

“From a pragmatic and a fiscal standpoint, I don't see it being wise to say we're going to hire a bunch of people to go look at everyone's books when probably an overwhelming majority of those CUSOs do not present a significant threat to the share insurance fund,” Metsger said.

“It's more prudent to be able to get information to look at where we should target further examination than spend a lot of money elsewhere. I think the purpose of it is excellent, but if we can mitigate costs and take care of the concerns of unwittingly revealing proprietary information to outside sources, I think there's a good chance it could move forward before the end of the year,” he added.

The final liquidity rule was approved at the October board meeting. The comment period for the proposed stress test rule that was discussed at the October meeting remains open.