Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
More power for CUSOs no records access says CUNA
WASHINGTON (7/3/08)—The National Credit Union Administration (NCUA) is moving in the right direction with its proposal to expand credit union service organization (CUSO) activities, but could go further to enhance CUSO’s abilities to meet credit unions’ needs, according to the Credit Union National Association (CUNA). CUNA urged the NCUA to broaden CUSO authority by allowing them to choose from the range of activities permissible for federal credit unions. In particular, CUSOs should be able to engage in indirect automobile lending services and to sell loan participation interest in a credit card portfolio to credit unions, CUNA said in a recent comment letter. The NCUA’s proposal would apply provisions of the CUSO rule for federal credit unions to state-chartered credit unions regarding corporate separateness and access to books and records of the CUSO. CUNA does not support these revisions because it believes they would encroach on the authority of state regulators to oversee their credit unions’ activities. CUNA also does not agree with a provision in the CUSO proposal that would require all federal credit unions with net worth below 5 to seek prior approval from NCUA to recapitalize an insolvent CUSO. Rather, CUNA recommended, credit unions with 4-5% net worth should only be required to provide prior notice to the agency, which NCUA could pursue if there are concerns. To read the complete CUNA comment letter, use the resource link below.


RSS print
News Now LiveWire
Falling #gas prices: Pros, cons for U.S. economy #NewsNow #Market http://t.co/XWwwERwe7e
10 hours ago
Members of Interstate FCU have voted to merge with Credit Union of Southern California https://t.co/yYeSWEG4GH
12 hours ago
.@InfinityFCU has named Liz Hayes as president/CEO. Hayes was formerly EVP and chief administrative offficer at @Affinity_Plus
13 hours ago
.@wpcu battles Speedway in round 3 of Dayton Brand Madness via @DBJnews http://t.co/EbQL5f9be8
14 hours ago
New at #NewsNow: Fed regulators approve new #QRM rule. http://t.co/Bdz5q43xjZ
15 hours ago