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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.


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