NCUA Clarifies Reporting Requirement in CUSO Rule
There has been confusion concerning which credit unions must revise their contracts with their CUSOs. NCUA has now issued a legal opinion letter that clarifies the issue by stating that only federally insured credit unions that have an investment in or a loan to a CUSO need to revise their agreements to state that the CUSO must submit an annual report to its regulator. Credit unions that simply contract with a CUSO for services are not required to revise those service agreements. [6/12/14]