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Washington
NCUA to vote today on unfair practices CUSO activities
WASHINGTON (12/18/08)—At its open board meeting today, the National Credit Union Administration (NCUA) is scheduled to take up final rules on unfair and deceptive practices and credit union service organization (CUSO) activities, as well as receive a share insurance fund report. The NCUA is expected to mirror an expected Federal Reserve Board action approving stricter rules to ban unfair and deceptive credit card practices. The NCUA must act if the Fed rules are to apply to federal credit unions. Regarding CUSO activities, the NCUA in April proposed changes to its rules that would expand and clarify permissible CUSO activities. The proposed rule would also give NCUA access to the books and records of CUSOs that are owned by federally-insured, state-chartered credit unions (FISCUs); require FISCUs to maintain a separate corporate identity from their CUSOs; and would limit the ability of undercapitalized federal credit unions to recapitalize a CUSO. The Credit Union National Association said in a comment letter that the NCUA is moving in the right direction with its proposal, but could go further to enhance CUSO's abilities to meet credit unions' needs. 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. The NCUA posted a revised meeting agenda to its website Wednesday that added a closed meeting to its schedule. Considerations for that closed sessions are “supervisory activities” and a personnel matter.
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