The trade group said it does not support NCUA's latest effort onthe regulation of CUSOs and recommends the agency withdraw it orsubstantially revise the proposal.
|“NCUA already has a number of options it can employ to ensurecredit unions do not get into trouble by participating in a CUSOwithout having to adopt the CUSO oversight provisions in theproposal,” wrote Mary Dunn, CUNA senior vice president and deputygeneral counsel, in a Sept. 13 letter to the regulator.
|“Credit unions must already engage in reasonable due diligenceregarding their CUSOs and examiners should check to make certainthey do so and that they are receiving the information andaccountability from their CUSOs that they need to make sure thereare no material problems,” Dunn said.
|Rather than adopt the CUSO rule amendments, Dunn said the NCUA “should work withcredit unions to help ensure they are fulfilling due diligencerequirements and work with examiners to ensure they are vigilant toany problems by using existing supervisory authority.”
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