Credit unions and credit union service organizations can now get additional guidance on NCUA’s CUSO Registry from a new agency website page. Registration for the CUSO Registry opens today and continues through March 31. The new website page explains the agency’s requirement that CUSOs report information directly to the agency if they wish to work with credit unions and provides links to related resources available to help those completing the registry. You can link directly to the CUSO Registry from the resources page.
Following this initial, 60-day registration period, NCUA will give CUSOs 30 days to complete registration if it discovers an unregistered CUSO doing business with a credit union. About mid-year, the basic information in the CUSO Registry will be searchable, and credit unions will be able to see if a CUSO is registered or not; if not, NCUA will consider additional investments in or loans to the entity to be impermissible, according to NCUA’s Letter to CUs 16-CU-02.
In the letter, NCUA points out that the information reported annually by the CUSO will depend on the activities in which it engages. CUSOs that engage in “complex or high-risk” activities will report more detailed information in addition to the basic information required from all CUSOs. The agency says complex or high-risk services include credit and lending, information technology, custody, safekeeping, and investment management services for federally insured credit unions.
NCUA plans to hold a webinar Feb. 11 on the CUSO Registry.