ALEXANDRIA, Va. — CUSOs would have to submit financial reportsto the NCUA and there would be limits on the investments certaincredit unions can make in CUSOs, according to a proposed rule theNCUA sent out for comment on Thursday.
The agency also wants less than adequately capitalizedstate-chartered federally insured credit unions to get permissionfrom their regulators before making investments in a CUSO. Theproposed rule requires CUSOs to use GAAP accounting, preparequarterly financial reports and get annual audits.
In addition, the rule would expand the definition of CUSO toinclude CUSO subsidiaries.
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