After receiving more than 280 comment letters on its proposedCUSO rule amendments, the NCUA is still considering its nextsteps.

“The [board] hasn't decided one way or the other what it wantsto do with the proposed CUSO rule amendments. Currently it istaking the comment letters under advisement,” said David Small,NCUA spokesman and assistant director of public affairs, toldCredit Union Times this week.

Small said most of the 280 comment letters are duplicative “withthe same verbiage signed by different people.”

In July, the NCUA proposed a rule that would require allCUSOs to file financial reports directly with NCUA and theappropriate state supervisory authority. The regulator alsoproposed making additional parts of the CUSO rule applicable toFISCUs as well as federal credit unions.

The NCUA board said it was also concerned that less thanadequately capitalized FISCUs posed serious risk to their membersand the NCUSIF when investing money into failing CUSOs. To addressthe concern, the regulator proposed limiting these FISCUs'aggregate cash outlays to a CUSO, consistent with state laws.

Credit Union Times previously learned that NCUA StaffAttorney Christie Loizos told attendees at last week'sNACUSO's Business Services Connection in San Diego that becauseof the large amount of comment letters to read through, a decisionon the CUSO proposal would likely not come until after the first ofthe year.