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January 15, 2016
NCUA sets CUSO Registry deadlines
Credit union service organizations will be required to register with NCUA's planned CU registry beginning Feb. 1 if they want to work with credit unions, NCUA said in a Letter to Credit Unions Friday.
CUSOs will report information directly to NCUA through the registry. Registration will be open from Feb. 1 until March 31, and there is no fee to use the registry. Registration will recur annually.
NCUA said it will give CUSOs 30 days to complete registration if it discovers an unregistered CUSO doing business with a credit union.
"NCUA examiners will continue to incorporate a review of your credit union's compliance with the CUSO rule during the examination," the letter said. If a CUSO fails to register within 30 days, NCUA said it will notify "credit unions that any new investments and loans to the unregistered CUSO are impermissible."
The CUSO Registry was developed as part of a 2013 NCUA final rule that, among other things, requires CUSOs to report basic information directly to NCUA or the appropriate state regulator. The rule also requires CUSOs that offer complex or high-risk services to report more detailed information, including financial statements and general customer information. NAFCU has consistently opposed the rule as an inappropriate and unnecessary burden on CUSOs and the credit unions that use their services.
CUSOs will report information directly to NCUA through the registry. Registration will be open from Feb. 1 until March 31, and there is no fee to use the registry. Registration will recur annually.
NCUA said it will give CUSOs 30 days to complete registration if it discovers an unregistered CUSO doing business with a credit union.
"NCUA examiners will continue to incorporate a review of your credit union's compliance with the CUSO rule during the examination," the letter said. If a CUSO fails to register within 30 days, NCUA said it will notify "credit unions that any new investments and loans to the unregistered CUSO are impermissible."
The CUSO Registry was developed as part of a 2013 NCUA final rule that, among other things, requires CUSOs to report basic information directly to NCUA or the appropriate state regulator. The rule also requires CUSOs that offer complex or high-risk services to report more detailed information, including financial statements and general customer information. NAFCU has consistently opposed the rule as an inappropriate and unnecessary burden on CUSOs and the credit unions that use their services.
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