The Texas Credit Union Commission recently addressed several matters regarding investments in credit union service organizations in the Lone Star State.
When the NCUA issues its proposed regulation of credit union service organizations on July 21, it will be an attempt by the agency to keep a closer eye on organizations whose role has grown and therefore expose credit unions to greater risk.
A regulatory proposal in Texas that could potentially change how credit union service organizations in the Lone Star State are monitored is coming under fire from several industry groups.
LAS VEGAS — Speaking before a large audience of CUSO and credit union leaders is familiar territory for Jack Antonini.
NACUSO is venturing into the thick of the legislative and regulatory brush for the first time.
Because CUSOs are not considered financial institutions, the National Association of Credit Union Service Organizations said they should not be required to disclose certain incentive based compensation arrangements.
The NCUA recently reiterated that guidance on best practices involving third-party brokerage arrangements is just that and does not carry the force of formal regulation.
The NCUA said while it has offered guidance on best practices involving third-party brokerage arrangements, the suggestions do not carry the force or weight of formal regulation.
Third-party brokerage arrangements for the sale of nondeposit investment products outlined in a recent NCUA guidance letter contain duties some federal credit unions may not have the ability to perform.
NACUSO said an NCUA letter on the third party brokerage arrangements for the sale of nondeposit investment products contains duties that credit unions may not have the expertise to perform.