The president/CEO of a South Carolina member business lending CUSO said the NCUA is moving in the right direction with its proposed new CUSO rules.
In an effort to protect credit unions from losses, the NCUA board proposed Thursday a rule that would require all CUSOs to file financial reports directly with agency and the appropriate state supervisory authority. The proposal would also make additional parts of the CUSO rule applicable to federally insured, state-chartered credit unions as well as federal credit unions.
"If CUSOs are to remain viable third-party vendors for credit unions, particularly MBL CUSOs, we must find common ground with the NCUA in its efforts to create a safer and more transparent credit union industry," said Michael Gudely, president/CEO of Innovative Business Solutions in Fort Mill, S.C.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
