What's the biggest burden, financially or otherwise, for credit unions around the country? Many would agree that it's compliance.
The National Credit Union Administration clearly stated that compliance services are an acceptable activity in which credit union service organizations can engage in a letter In a letter dated more than five years ago. The only real caveat, according to the agency is "that CUSO staff involved in providing guidance on regulatory compliance services must be careful that they are not providing legal advice that would require an attorney's license under state law."
The rules are fairly straightforward. The need is definitely clear. So why haven't compliance CUSOs sprouted like weeds in the ensuing five years?
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
© 2025 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.
