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News Now

Washington
Corporate CUSOs supervision addressed by board
ALEXANDRIA, Va. (4/22/11)--The main focus of the National Credit Union Administration’s (NCUA) Thursday meeting was the release of a final corporate credit union rule, but other items relating to corporates were also on the agenda. The agency during its open meeting voted to allow corporate credit union service organizations (CUSOs) to provide information technology (IT) services and investment/ asset-liability management services. Corporate CUSOs are currently authorized to conduct brokerage services and investment advisory services. The approved IT services may include web development, hosting, and content management, as well as web security services and software development. IT consulting will also be permitted. Approved investment and asset-liability management services may include asset liability management-related consulting, reporting, and advisory services. The agency also addressed some of its own policies during the meeting, making final the interim Interpretive Ruling and Policy Statement that consolidates the NCUA’s Supervisory Review Committee’s policies and gives that committee the authority to review Technical Assistance Grant denials. The Interpretive Ruling and Policy Statement also addresses appeals to the Supervisory Review Committee regarding CAMEL Code ratings 3, 4 and 5, loan loss reserve provisions, loan classifications, and revocations of RegFlex authority for federal credit unions. The NCUA Supervisory Review Committee is an independent appellate panel that reviews credit unions’ appeals of material supervisory determinations.


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