Removing Barriers Blog

CUNA Weighs-in on NCUA CUSO Data Collection
Posted December 10, 2018 by CUNA Advocacy

Today, CUNA filed a comment letter with NCUA regarding its request to OMB to continue with a data collection related to CUSOs. NCUA requires federally insured credit unions to enter into a written agreement with a CUSO that stipulates the CUSO will adhere to certain requirements, such as granting NCUA access to the CUSO’s books and annually reporting directly to NCUA via a CUSO registry.

In the letter, we use the opportunity to reiterate to NCUA our longstanding position on the role of NCUA in supervising and regulating CUSOs. We appreciate NCUA’s acknowledgment that the Federal Credit Union Act does not provide the agency with direct oversight authority of third-party vendors. We believe NCUA effectively manages any risk associated with CUSOs and other third-party vendors through its current regulatory authority. As such, we oppose legislative changes aimed at establishing NCUA authority in this area.