Regulatory & Compliance

Eight CDCUs in seven states will share $240,000 in grants to help launch a program for senior citizens.

Eight CDCUs in seven states will share $240,000 in grants to help launch a program for senior citizens.

ALEXANDRIA, Va. — CUSOs would have to submit financial reports to the NCUA and there would be limits on the investments certain credit unions can make in CUSOs, according to a proposed rule the NCUA sent out for comment on July 21.

Fourteen credit unions and organizations that work with credit unions received $1.5 million each from the latest round of awards from the U.S. Treasury's Community Development Financial Institutions Fund. Their totals were part of more $28 million that went to 27 credit unions and supporting organizations.

At one point, the high-flying commercial lending CUSO formed through Eastern Financial Florida Credit Union funded more than $200 million in business loans and served dozens of credit unions nationwide.