The temperature this summer may have gone up a few more notches in credit union land when the NCUA announced a proposal that would bring several amendments to the CUSO rule.
In July, the NCUA proposed a rule that would require all CUSOs to file financial reports directly with NCUA and the appropriate state supervisory authority. The regulator also proposed making additional parts of the CUSO rule applicable to federally insured state-chartered CUs as well as federal credit unions.
The NCUA Board said it was also concerned that less-than-adequately capitalized federally insured state credit unions posed serious risk to their members and the NCUSIF when investing money into failing CUSOs. To address the concern, the regulator proposed limiting these FISCUs' aggregate cash outlays to a CUSO, consistent with state laws.
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