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NCUA official seal NCUA official seal. (Source: NCUA)

In a 2-1 vote by the NCUA board, the agency approved a final rule to allow CUSOs to originate any type of loan originated by a federal credit union.

During Thursday’s meeting, Board Member Rodney Hood, who has been in favor of and has prioritized this rule and issue since his time on the board, led the discussion. Hood’s views are that the final rule will allow CUSOs to originate loans and expand their abilities for consumers to help create competition inside and outside of the credit union space – much like fintech organizations have done with the auto lending market.

Michael Ogden

Editor-in-Chief for CU Times.

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