Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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
1 in 6 US teens considered financially illiterate, survey finds #NewsNow http://t.co/KpqYveLf4n
12 minutes ago
6,000 members: That's what @CUNA Councils are celebrating. http://t.co/2zVu4doNIb http://t.co/30c5rDWq9f
23 minutes ago
.@CUNA staff salary report: Hiring, pay increases on horizon to meet growing member demand See #NewsNow http://t.co/0hmOdjJrM5
54 minutes ago
Thanks for following our tweets on the NCUA's #listeningsession.
15 hours ago
RT @IllinoisLeague: Mike Daugherty, CEO, Community Plus FCU: I'd like to you to reconsider your repeated 'No's' #listeningsession #fixRBC h…
17 hours ago