ALEXANDRIA, Va. — NCUA BoardMember Rick Metsger told Credit Union Times on Tuesday hesupports the intent of a proposed rule that would allow the NCUA tocollect financial information about CUSOs to protect against losses to the NCUSIF.

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However, Metsger said he has concerns about the cost of supervising CUSOs, which has been estimated at $1million to develop the program and $500,000 per year tomaintain.

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In an interview at the agency's suburban D.C. headquarters, thenewest board member said he's optimistic the program's originalcost projections will be lowered when the final rule isapproved.

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“From a pragmatic and a fiscal standpoint, I don't see it beingwise to say we're going to hire a bunch of people to go look ateveryone's books when probably the overwhelming majority of CUSOsdo not present a pressure to the share insurance fund,” hesaid.

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Metsger also said he's reviewed public comments on the rule, andsaid some made an excellent point that CUSO proprietary informationshould be safeguarded.

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“What I'm working on now is how we can obtain the info that'svital—that is, to know what the risks are—and address thelegitimate concerns to make sure important proprietary informationisn't revealed,” he said. “I think there's a way to do that andwe're making progress on that.”

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As for when the final rule will be approved, Metsgersaid Chairman Debbie Matz will determine the timing, but addedit's possible the final rule will come by the end of the year.

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Metsger was sworn into office on the NCUA board on Aug. 23. Hefills the seat on the three-seat panel vacated by Gigi Hylandapproximately one year ago.

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