ALEXANDRIA, Va. (6/21/12)--The National Credit Union Administration (NCUA) yesterday cancelled its scheduled June open board meeting, and this decision will give the Credit Union National Association (CUNA) the chance to continue raising concerns and priorities regarding the NCUA's pending final credit union service organization (CUSO) rule with NCUA board members and staff, CUNA President/CEO Bill Cheney said.
A CUSO final rule was the lone item on today's open meeting agenda. Under a proposed version of the CUSO rule, CUSOs and their subsidiaries would be required to directly file their financial statements with the NCUA, and to forward those reports to state supervisors. The NCUA currently 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.
The NCUA has argued that enhancing the monitoring of CUSOs would protect consumers, credit unions and the National Credit Union Share Insurance Fund (NCUSIF). However, CUNA has said that while some CUSOs have had issues, CUSOs as a whole do not pose a systemic risk to the credit union system or overall concerns to the NCUSIF.
"CUNA will continue to press for minimal regulation that will not impose unnecessary constraints on sound and beneficial CUSO operations," Cheney said.
The NCUA's closed board meeting is still scheduled. Four supervisory activities and one personnell matter are on the closed board meeting agenda, according to the NCUA.