During the process of assisting with CUSO Registry questions, it came to our attention that in order to complete the CUSO Registry, CUSOs were required to agree to be bound by statutes that apply to credit unions and which imposed penalties that are not applicable to a CUSO. On behalf of NACUSO and the many CUSOs in this industry, Messick & Lauer (NACUSO’s General Counsel) have advocated and negotiated to revise this acknowledgement to more accurately describe the duty of CUSOs to respond to the CUSO Registry. It is a contractual duty with the credit union and not a direct regulatory obligation to NCUA. As NCUA continues to pay more attention to CUSOs, NACUSO will continue to take action to be the voice of CUSOs and to resist any attempts at regulatory overreach. The NCUA has changed the acknowledgement text. For your reference, the text of the previous and current CUSO Registry acknowledgments are below.
Previous text: “By clicking Submit, I hereby certify the information being submitted, pursuant to 12 U.S.C. 1756, 1757(5)(D), and (7)(I), 1766, 1781(b)(9), 1782, 1784, 1785, 1786 and 1789(11), and 12 C.F.R. parts 704 and 712, is complete and accurate to the best of my knowledge. If submitted information is inaccurate or incomplete, I understand I am required to submit corrected information upon notification or discovery of a need for correction. I understand materially false, fictitious, or fraudulent statements or representations are punishable under 18 U.S.C. 1001.”
Revised text: “By clicking Submit, I understand the submission of this information is the result of a contractual obligation between my company and its credit union investors or lenders in connection with 12 U.S.C. 1757(5)(D), and (7)(I), and 12 C.F.R. parts 704 and/or 712, I hereby certify the information being submitted, is complete and accurate to the best of my knowledge. If submitted information is inaccurate or incomplete, I understand that the contractual obligation to my company’s credit union investors and/or lenders requires me to submit corrected information upon notification or discovery of a need for correction. I understand materially false, fictitious, or fraudulent statements or representations may be punishable by law.”
For those CUSOs that submitted information to the NCUA prior to March 11, 2016, we are suggesting that a letter be sent to NCUA stating that you do not agree with the previous acknowledgement and only agree with the new acknowledgment. We will be sending around a sample form letter to address this issue.