LAS VEGAS — For some credit unions, working with a CUSO is unchartered territory.
NACUSO General Counsel Guy Messick will peel back the layers of CUSOs including when to use them and how to start one at the association's annual conference, which starts today in Las Vegas at the Wynn Las Vegas. Messick, along with several associates from his Media, Pa.-based law firm Messick & Weber P.C., will discuss incidental powers and the relationship between CU owners and CUSOs at a 3:00 p.m. session today.
At a 4:00 p.m. session today, Messick will discuss timely regulatory topics such as UBIT or unrelated business income tax. The timing is perfect considering the IRS on Friday issued eight technical advice memoranda on CU liability under UBIT including guidance on income derived from fees charged to nonmembers using a particular CU's ATM.
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Messick will also discuss the proposed NCUA's Interpretive Ruling and Policy Statement that will replace Letter 150, which recognized that CUSOs may participate with a CU and a broker in such arrangements.
Stay tuned to Credit Union Times for on-site coverage.
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