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June 01, 2016
NCUA adds search tool to CUSO Registry
NCUA has added a search feature to its CUSO Registry so users can search for information on the nearly 900 registered credit union service organizations.
Users can search for CUSOs by name, city, state, zip code, registry number or service type. The information can then be exported into excel or PDF formats.
The initial CUSO registration period began in January and ended March 31. Now, NCUA will give a CUSO 30 days to complete registration if it discovers an unregistered CUSO doing business with a credit union. If a CUSO is not registered, NCUA will consider investments in or loans to the entity to be impermissible, according to Letter to CUs 16-CU-02.
NCUA requires CUSOs to report information directly to the agency if they wish to work with credit unions; the registry was created to facilitate that reporting. There is no fee to use the registry, and registration is required each year.
The new CUSO reporting rule was adopted in 2013. NAFCU has consistently opposed the rule as an inappropriate and unnecessary burden on CUSOs and the credit unions that use their services.
Users can search for CUSOs by name, city, state, zip code, registry number or service type. The information can then be exported into excel or PDF formats.
The initial CUSO registration period began in January and ended March 31. Now, NCUA will give a CUSO 30 days to complete registration if it discovers an unregistered CUSO doing business with a credit union. If a CUSO is not registered, NCUA will consider investments in or loans to the entity to be impermissible, according to Letter to CUs 16-CU-02.
NCUA requires CUSOs to report information directly to the agency if they wish to work with credit unions; the registry was created to facilitate that reporting. There is no fee to use the registry, and registration is required each year.
The new CUSO reporting rule was adopted in 2013. 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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