Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
NCUA describes FCUs investment advice authority
ALEXANDRIA, Va. (6/18/09)—In a recent National Credit Union Administration (NCUA) legal opinion letter, the agency addressed a query regarding whether federal credit unions can offer investment advice services. NCUA Associate General Counsel Sheila Albin wrote that an employee of such an institution cannot provide investment advice that would subject the employee or the federal credit union to federal or state securities laws. However, she added, the credit union may establish a shared employee arrangement with a third-party registered investment adviser so that an employee can act as an employee of a third-party registered investment adviser. Also, Albin stated, a credit union may also act as a finder or offer investment adviser services through a credit union service organization (CUSO). The NCUA opinion further noted that firms and individuals offering advisory account services must be registered as Registered Investment Advisers,” and that while banks have an exemption from the requirement, federal credit unions do not. To read the complete letter, use the resource link below.
Other Resources

RSS





print
News Now LiveWire
The U.S. Court of Appeals restored NCUA lawsuit v. Barclays Capital that charged misrepresenting quality of $550M IN RMBS. See News Now Wed.
7 hours ago
Registration is now open for the online livestreaming of @TheNCUA March 19 open board meeting. http://t.co/yOuqdXHlxj
12 hours ago
Registration is now open for online viewing of @TheNCUA's March 19 board meeting. https://t.co/mMZoXSFjMe
12 hours ago
.@CFPB Director Richard Cordray's testimony that he will deliver before the #HFSC this afternoon. http://t.co/NA1aEOPAeh
13 hours ago
Consumer spending flatlines, savings ramp up #Market #NewsNow http://t.co/94kPuBpMRK
14 hours ago