LAS VEGAS – After two years, there's still no official word from the SEC on whether the agency will extend the license exemption applied to CUSOs under the 1993 Chubb Securities Letter allowing CUSOs providing broker/dealer services to receive commissions from the sale of mutual funds and other securities. Neither has the SEC indicated when it plans to hand down its decision. For those attendees at NACUSO's annual convention who are considering taking the preemptive step and moving their investment services back under the credit union umbrella, Guy Messick advised them of the steps the CU has to go through to complete the transition. Among the items the NACUSO General Counsel addressed were: * revising the financial services agreement with the broker/dealer; * revising the Letter 150 policies; * appoint a Letter 150 compliance officer with a job description; * revise the registered representatives' employment agreement; * decide whether the CU will offer insurance products through the CUSO or the credit union; * obtain an insurance license for the CU, if necessary; * verify that the credit union can receive securities commissions under state security laws; * review the credit unions' bond and insurance coverage for the investment activities; * determine who will manage the investment program and the level of management; * determine if the investment program will have profit accountability; * address advisory business