El Paso Affordable Housing CUSO President Larry Garcia said he believes the NCUA is trying to ensure credit unions are making good investment decisions.
The agency on Thursday proposed a rule that would require all CUSOs to file financial reports directly with agency and the appropriate state supervisory authority.
“I need to examine this proposed rule more closely, but on the surface, it seems to me that the NCUA just wants to make sure credit unions are following good business practices,” said Garcia in the Texas Credit Union League’s LoneStar Leaguer.
Meanwhile, the Texas league said it continues to be concerned about increased regulatory burdens on the credit union system, saying “the focus on increased regulation of CUSOs is concerning in the general sense.”
Back on its home turf, the league has taken issue with proposed CUSO regulation in the Lone Star State. Winter Prosapio, TCUL assistant vice president of public affairs, recently told Credit Union Times that it is pleased the Texas Credit Union Commission is at least addressing some clarification concerns with the proposal.