After receiving more than 280 comment letters on the matter, credit unions may see a final amended CUSO proposal by midyear.
Katherine Weber, founder of the Weber Firm LLC, a Pennsylvania law firm that represents CUSOs and credit unions, shared that update at a March 7 NAFCU webinar on preparing for the heightened scrutiny of CUSOs.
Although the NCUA does not have direct regulatory power over a CUSO yet, it has significant power over any CUSO owned by a federally chartered credit union, according to Weber.
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