In conjunction with the NCUA, NACUSO has been sending out a letter from the regulator asking CUSOs to provide information for the registry, such as employer identification numbers.
NACUSO President/CEO Jack Antonini said the NCUA sent letters to the CUSOs they know, but "for the ones they don't know, they've asked us to reach out to them and try to connect to them."
With an estimated 1,500 CUSOs in business, Antonini said the NCUA has contact information, such as a street address, for fewer than half of them.
The letter from the NCUA was intended to capture this information from the unknown CUSOs and prepare them for the registration process, which begins Feb. 1 and ends March 31.
The registration developed out of the NCUA's CUSO rule. The agency created the CUSO registry as a "direct result of lessons learned from the failure of nine CUSOs that caused more than $300 million in direct losses to the share insurance fund and resulted in the failures of consumer credit unions with more than $2 billion in assets," NCUA Communications Specialist Ben Hardaway said.
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