The National Association of Credit Union Service Organizations is a calling on its members to make their voices heard regarding proposed rules from the NCUA involving new financial reporting requirements and restrictions on investments in CUSOs.
In helping to make its case against the proposal, NACUSO is asking CUSOs to provide it with information such as how a credit union has benefited from a CUSO’s services, have CUSOs increased the operational expertise to CUs, and an estimate of the financial impact that CUSOs have made on a CU’s income and cost savings.
“NCUA says they see CUSOs as risky but the true risk is too few CUSOs not too many CUSOs,” NACUSO wrote in a call to action letter. “What other tool is available to credit unions to obtain the cost saving benefits of scale and alternative revenue sources that will earn sufficient net income to stay in business? Help us, help you educate NCUA.”
NACUSO said it intends to work with CUNA, NAFCU and NASCUS in its advocacy efforts on the matter. The association has also provided more details on putting together a comment letter to the NCUA and is asking to receive information from members by Aug. 15.