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February 11, 2016
NCUA webinar guides CUSOs through registration
An NCUA webinar Thursday guided credit union service organizations (CUSOs) through the process of registering on the agency's website.
The webinar detailed the differences in reporting requirements for "basic" CUSO reporters and more complex "expanded" CUSO reporters; "expanded" reporters must provide more detail on their services and activities based on the types of services offered. CUSOs that engage in credit lending, information technology and custody and investment management are classified as expanded.
The webinar also offered a step-by-step guide for how to navigate the registration website and input information.
The CUSO Registry launched on Feb. 1 and will be open until March 31. NCUA has said it will give CUSOs 30 days to complete registration if the agency discovers they are unregistered and doing business with credit unions.
The CUSO Registry was developed as part of a November 2013 NCUA final rule that, among other things, requires CUSOs to report basic information directly to NCUA or the appropriate state regulator.
NAFCU has consistently opposed the rule as an inappropriate and unnecessary burden on CUSOs and the credit unions that use their services.
For more on the registry, see NCUA Letter to Credit Unions 16-CU-02. NCUA webinars are archived here.
The webinar detailed the differences in reporting requirements for "basic" CUSO reporters and more complex "expanded" CUSO reporters; "expanded" reporters must provide more detail on their services and activities based on the types of services offered. CUSOs that engage in credit lending, information technology and custody and investment management are classified as expanded.
The webinar also offered a step-by-step guide for how to navigate the registration website and input information.
The CUSO Registry launched on Feb. 1 and will be open until March 31. NCUA has said it will give CUSOs 30 days to complete registration if the agency discovers they are unregistered and doing business with credit unions.
The CUSO Registry was developed as part of a November 2013 NCUA final rule that, among other things, requires CUSOs to report basic information directly to NCUA or the appropriate state regulator.
NAFCU has consistently opposed the rule as an inappropriate and unnecessary burden on CUSOs and the credit unions that use their services.
For more on the registry, see NCUA Letter to Credit Unions 16-CU-02. NCUA webinars are archived here.
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