FCUs May Not be Equipped to Oversee Broker Investment Choices
NACUSO said an NCUA letter on the third party brokerage arrangements for the sale of nondeposit investment products contains duties that credit unions may not have the expertise to perform.
The CUSO association took that position in a Jan. 7 comment letter to the regulator on NCUA Letter No. 10-FCU-03. The agency said this letter supersedes and replaces NCUA's Letter No. 150-December 1993, which contains previous guidance to credit unions on the sale of nondeposit investments.