June 6, 2014 – Federally insured credit unions are coming up on a June 30 deadline for amending their agreements with credit union service organizations under an NCUA rule adopted last year.The rule takes effect June 30. Overall, it:
The rule also sets a preapproval process for federally insured, state-chartered credit unions that are or would become less than adequately capitalized by increased investment in a CUSO. It also provides for a registry of CUSOs that NCUA says will be operational in December 2015.NAFCU published an electronic Final Regulation – 13-EF-30 – on this rule for its members. NCUA also issued Letter to CUs 13-CU-13 on the rule.More details on coming regulatory compliance deadlines are in the June edition of the NAFCU Compliance Monitor.