Final CUSO Rule, 2014 Budget on NCUA Agenda
The final CUSO rule and the operating budget for 2014 are among the items on the NCUA’s agenda for the Nov. 21 board meeting.
The quarterly report on the corporate stabilization fund is the first matter of business on the agenda for the meeting at the NCUA’s headquarters in Alexandria, Va.
The board briefing will take place afterward along with the “estimated range of premiums for the NCUSIF” and the assessment for the corporate stabilization fund, the agency said.
The final CUSO rule, part 712, will come next followed by the 2014 operating budget, overhead transfer rate and the operating fee scale.
Also Read: CUNA Eyes NCUA Budget
Under the CUSO rule, every CUSO would be required to file financial reports directly with the NCUA and the appropriate state supervisory authority.
In July 2011, the NCUA also suggested applying parts of the CUSO rule to federally insured state-chartered CUs and federal credit unions.
In October of this year, Credit Union Times asked Board Member Rick Metsger for his response to Board Member Michael Fryzel’s concern over the cost of the CUSO rule.
“I’m concerned about the cost of everything; that’s my nature. I have hopes that those costs will be less than were originally articulated a year ago. I believe we’re making progress and I think that is a positive sign,” Metsger responded.
The former Oregon state legislator pointed out that current law allows the examination of CUSO books and records.
“From a pragmatic and a fiscal standpoint, I don’t see it being wise to say we’re going to hire a bunch of people to go look at everyone’s books when probably an overwhelming majority of those CUSOs do not present a significant threat to the share insurance fund,” Metsger said.
“It’s more prudent to be able to get information to look at where we should target further examination than spend a lot of money elsewhere. I think the purpose of it is excellent, but if we can mitigate costs and take care of the concerns of unwittingly revealing proprietary information to outside sources, I think there’s a good chance it could move forward before the end of the year,” he added.