The year 2020 will be remembered as one of the most transformative years on record for most industries, including the credit union industry. While the long-term impact of COVID-19 has been wide-reaching and is still not fully known, one thing is known – the events of the past year have underscored the importance of payments as both a catalyst for member engagement and a critical lifeline for financial wellness.
“Payments cut right to the core of the member relationship,” said Tom Church-Adams, SVP, Pay Products, for CO-OP Financial Services (www.coop.org). “We saw that in the early weeks of the pandemic when financially-struggling members reached out to their financial institutions for interest and fee relief; and now we’re seeing it manifest in the behavioral shifts within our members. Payments have become their lifeline to financial wellness, as well as a means by which we can offer them the safe, secure and frictionless service they’ve come to expect.”… Read more
Save the Date! We are excited to announce that our 2021 NACUSO Network Conference is scheduled to be at the Encore Resort in Las Vegas. We are already starting to plan for next year’s event and we look forward to seeing everyone in person. The beautiful Encore Resort is open and they have taken extra precautionary measures to make sure it’s safe for guests to enjoy their stay. Please save the dates of March 29-April 1 and check our conference site soon for more details at www.NACUSONetwork.com.
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If you were registered to attend, or sponsor at our 2020 conference in Orlando, we can automatically apply your registration or sponsorship fees to our 2021 Conference in Las Vegas. We will contact you soon to give instructions on the next steps and will work with you on the new options that work best for you. If you have any questions, please contact Shawna Luna at Shawna@nacuso.org.
We have been made aware this week, of a discussion draft of a Bill being considered by the U.S. House of Representatives. The Bill would put credit unions under the Bank Services Company Act, which is the statute that gives banking regulators authority to regulate bank service companies and third-party vendors. The draft Bill being considered by the House Task Force would give NCUA the authority to regulate CUSOs, which includes full examination authority, and authority to examine all third-party vendors used by credit unions. NACUSO has consistently opposed Congressional action to expand NCUA’s authority to oversee all credit union vendors, as unnecessary and costly over-reach, and sent in the following letter to the House Task Force on Friday, October 18, 2019: Click to view letter
NACUSO’s Legislative & Regulatory Advocacy Committee will be monitoring this potential legislation, and take appropriate action to mitigate the costly and negative effects of such legislation.… Read more
NACUSO Visits NCUA to Discuss the CUSO Registry and CUSO Reviews
On June 14, Jack Antonini, NACUSO President and Guy Messick, NACUSO General Counsel met with NCUA Staff on the results of the CUSO Registry and the thinking on how CUSO Reviews will be handled.
The CUSO Registry sign-up period and the follow-up by NCUA found there were approximately 900 CUSOs. NCUA believes that there are more CUSOs that have not reported. Under the NCUA Regulations (Part 712.1(d)), “A CUSO also includes an entity in which a CUSO has an ownership interest of any amount, if that entity is engaged primarily in providing products or services to credit unions or credit union members.” So these subsidiary CUSOs are considered CUSOs and required to make annual reports to NCUA. The NCUA staff believes that many CUSOs were not fully aware of this requirement and there are a number of subsidiary CUSOs that have not reported. … Read more