SAFE Credit Union cannot raise alternative capital from “outsiders” to build an indirect lending business but it can capitalize that venture through a CUSO.
Henry Wirz, president/CEO of the $1.8 billion SAFE CU in North Highlands, Calif., shared that insight as the NCUA continues to weigh a proposed amendment to the CUSO rule.
Under the proposal, the agency would require CUSOs to file financial reports directly with the NCUA and the appropriate state supervisory authority. The NCUA board also wants to limit aggregate cash outlays to CUSOs from federally insured, state-chartered credit unions.
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