NCUA Entertains CUSO Financials Requirement Posted by AVCU on 10:39 AM

A final rule on the regulation of credit union service organizations (CUSOs) is the only agend item for NCUA’s open board meeting on 6/21. Under the proposal CUSOs and their subsidiaries would be required to file their financial statements with NCUA and to forward those reports to state supervisors. Currently, NCUA has the authority to inspect the financials and records of some CUSOs, but the majority of financial information on CUSOs is provided by natural person credit unions that obtain services from the CUSOs.
NCUA believes this to be inefficient and feels enhanced monitoring of CUSOs would protect consumers, credit unions and the National Credit Union Share Insurance Fund (NCUSIF).

Meeting results will be posted on NCUA’s website shortly after the meeting.