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.
A new legislative and regulatory advocacy committee with a focus on issues affecting CUSOs and their credit unions is the latest effort coming from NACUSO.
If a provision requiring CUSOs that use a corporate credit union's services to pay a voluntary payment to the Temporary Corporate Credit Union Stabilization Fund goes through,
CUSOs using a corporate credit union's services may seek liquidity outside of the industry if a provision requiring them to pay a voluntary payment to the Temporary Corporate Credit Union Stabilization Fund goes through.