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Chubb Letter Still in Place for CU Broker Networking Arrangement

A 1993 Securities and Exchange Commission letter that authorized banks, thrifts, and credit unions to enter into third-party brokerage arrangements under certain conditions without them having to register is still in effect, according to Guy Messick, general counsel for NACUSO.

By Michelle A. Samaad | Updated on September 25, 2007

NEWPORT BEACH, Calif. — A 1993 Securities and Exchange Commission letter that authorized banks, thrifts, and credit unions to enter into third-party brokerage arrangements under certain conditions without them having to register is still in effect, according to Guy Messick, general counsel for NACUSO.

Messick assured that credit unions can still follow the 1993 SEC letter from Catherine McGuire, Chief Counsel, SEC Division of Market Regulation, to Chubb Securities Corp. NCUA has used the letter as a guide as well as its own Letter 150, which specifically recognized that CUSOs may participate with a credit union and a broker in networking arrangements.

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