ALEXANDRIA, Va. — CUSOs will need to get ready to report basic profile information next year, based on the final rule approved by the NCUA Board on Thursday.
All credit union subsidiaries will be required to make preparations to report basic profile information to the NCUA effective June 30, 2014. The reporting requirement will be rolled out as the NCUA builds a national registry to house the information. The registry will not be unveiled until the end of 2015.
CUSOs engaging in one of three high-risk business categories will also be required to report additional information, including audited financial statements and customer information, according to the rule approved Thursday.
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