GREENBELT, Md. — It would stifle innovation and result in the agency having to evaluate things that it doesn’t know about.
Now that the Sept. 26 comment deadline has passed, the NCUA will likely read through the more than 140 letters it has received on its proposal to amend the CUSO rule.
Voicing opposition to the NCUA’s proposal to amend the CUSO rule, NAFCU is the latest urging the regulator to reconsider.
More than 140 comment letters so far; majority are against the proposed amendments to Part 712.
CUNA is calling on the NCUA to withdraw or substantially revise its proposal that includes new monitoring rules for CUSOs.
While some in the industry would be opposed to a mandate that would require CUSOs to provide financial records to the NCUA and state regulators, a small minority are seeking another form of transparency.
Innovation is my passion and has been during my two decades of work in the credit union industry. In reviewing the NCUA’s proposed CUSO regulation, I am more than a little concerned about the impact that it will have on the ability to foster innovation in our industry.
With much more at stake, it is no surprise that credit union service organizations are sounding the alarm louder than credit unions regarding an NCUA proposal that would alter how CUSO relationships are regulated.
Several new concerns have been raised about the NCUA’s proposal to regulate CUSOs, including whether the regulator took the time to think through its plan.
As Jack Antonini approaches the one-year mark since taking the helm at the National Association of Credit Union Services Organizations, the former bank CEO marveled at the number of collaborations CUSOs frequently engage in.