What's the biggest burden, financially or otherwise, for credit unions around the country? Many would agree that it's compliance.
The National Credit Union Administration clearly stated that compliance services are an acceptable activity in which credit union service organizations can engage in a letter In a letter dated more than five years ago. The only real caveat, according to the agency is "that CUSO staff involved in providing guidance on regulatory compliance services must be careful that they are not providing legal advice that would require an attorney's license under state law."
The rules are fairly straightforward. The need is definitely clear. So why haven't compliance CUSOs sprouted like weeds in the ensuing five years?
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