Regulatory & Compliance

The CUSO established by North Bay CU, which was ordered to merge in November 2025, has been mired in legal disputes for years.

Industry warns the measure modeled after the Illinois law could create costly compliance burdens.

Agency cites unsafe practices; member services and insured deposits remain protected.

Agency continues its efforts to reduce compliance burden while modernizing decades-old regulations.

Consumer compliance and data security rules drive the majority of the industry burden.

Joint letter argues expanded liability threatens lending, raises costs for consumers.