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News Now

Washington
CUNA launches Operation Comment for CUSO plan
ALEXANDRIA, Va. (9/6/11)—A controversial proposal that would require credit union service organizations (CUSOs) to directly file their financial statements with the National Credit Union Administration (NCUA) has drawn the attention, and criticism, of credit unions nationwide, and the Credit Union National Association (CUNA) is encouraging those credit unions to make their thoughts known through its latest "Operation Comment." The NCUA’s proposal, released in July, would also subject subsidiaries of CUSOs to the same financial reporting standards. Financial reports would also need to be forwarded to appropriate state supervisors under the rule. CUNA strongly opposes many of the proposed provisions. The NCUA currently has the authority to inspect the books and records of some CUSOs, but that authority is not universal, and the agency works with natural person credit unions that obtain services from the CUSOs to provide the majority of financial information on CUSOs. The agency has said that this method is inefficient and restricts its ability to conduct offsite monitoring and evaluate systemic risks posed by CUSOs. Agency leaders in a release said that the proposal, if enacted, would "enhance protections to consumers, credit unions and the National Credit Union Share Insurance Fund." The NCUA is accepting comment on the proposal until Sept. 26. CUNA is also seeking credit union comment on the proposal through its own comment call, and will accept comments until Sept. 16. For more on Operation Comment, use the resource link.
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