Just in time for the Feb. 1 opening of the NCUA's CUSO Registry, NACUSO released guidance Jan. 27 in response to concerns voiced by credit unions and their CUSOs.
NACUSO said there had been some confusion over who is responsible for completing the necessary information in the NCUA's registry. The agency will offer a webinar on the registry Feb. 11.
"For the most part, I think it's been obvious that CUSOs need to complete this," Jack Antonini, president/CEO of NACUSO, told CU Times. "People were questioning, am I supposed to be doing this? Do we have to do it for our CUSOs? What happens if there isn't a designated CEO with the CUSO?"
A press release from NACUSO General Counsel Guy Messick read, "Credit union owners DO NOT have a duty to provide the information in the CUSO Registry. This is a duty that [the] NCUA has imposed directly upon CUSOs."
Further, for credit unions that own a CUSO and do not register it during the open registration period, Messick said the NCUA will ask the credit union owners to encourage their CUSOs to register during the credit union's next exam.
According to Messick, if a CUSO does not register, the credit union will be restricted from any future investment in the CUSO. Messick encouraged CUSOs that have registered during the open enrollment period to inform their credit unions after having done so.
For CUSOs without an appointed manager or CEO, Messick said boards should designate someone to fill out the CUSO Registry information for the CUSO.
"People are as ready for it as they can be," Antonini said. "You never know until you start filling it out."
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