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News Now

Washington
Reg Advo Report Previews CUSO Final Rule
WASHINGTON (11/19/13)--In this week's Regulatory Advocacy Report, the Credit Union National Association takes a look at credit union service organization (CUSO) regulations that are expected to be unveiled this week.

A final CUSO rule is one of the key items on the November National Credit Union Administration open board meeting agenda. Under a proposal released last year, 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 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

However, CUNA maintains that the Federal Credit Union Act does not confer greater authority over CUSOs to the federal credit union regulator.

"NCUA has indicated the final rule is an improvement over the proposal and we will be reviewing it in detail to determine if we agree and how it will affect the credit union system," CUNA Deputy General Counsel Mary Dunn wrote in this week's Report.

The agency's 2014 operating budget and corporate stabilization fund assessments are also on the agenda, and are discussed in this week's Report. Other issues addressed in the Regulatory Advocacy Report include:
  • New NCUA enterprise risk management guidance;
  • The Consumer Financial Protection Bureau's housing counselor list tool and accompanying guidance;
  • CUNA's request for comment on the NCUA's capital planning and stress testing proposal; and
  • CUNA's request for comment on the Federal Reserve Banks' payment system improvement paper.
A resource chart with information on current CUNA comment calls is also provided in the Report.

For this week's Regulatory Advocacy Report, CUNA members can use the resource link.
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