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.
The CUSO association took that position in a Jan. 7 comment letter to the regulator on NCUA Letter No. 10-FCU-03. The agency said this letter supersedes and replaces NCUA's Letter No. 150-December 1993, which contains previous guidance to credit unions on the sale of nondeposit investments.
"The letter asks credit unions to perform duties outside of the scope of their expertise and to interpose themselves in broker/dealer compliance issues," read a letter provided by NACUSO's legislative and regulatory advocacy committee to Credit Union Times today.
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