Deadline Nears for NCUA CUSO Proposal Feedback
The NCUA has received more than 140 letters on its proposal to amend the CUSO rule as the agency’s Sept. 26 comment period deadline approaches.
The majority of them are against the proposed amendments to Part 712, which include requiring all CUSOs to file financial reports directly with the NCUA and the appropriate state supervisory authority. The NCUA board has also proposed limiting FISCUs’ aggregate cash outlays to CUSOs.
NCUA Chairman Debbie Matz this week told NAFCU’s Congressional Caucus attendees the agency is likely to make changes that could exempt CUSOs that perform back office operations that don’t pose a potential risk to the credit union system.
CUNA is among the latest calling for the regulator to revise or withdraw its proposal.
Meanwhile, NACUSO has urged CUSOs and credit unions to continue to send in comment letters.
“We need to tell our side of the story to the NCUA, that their proposed CUSO rules are unnecessary, costly, and will likely stifle the innovation so needed in the industry to help us serve our members, especially during these difficult economic times,” NACUSO said.