March 18 – It is important to please send in your organization’s comment letter to the NCUA by 3/29/21. This shows your support of the proposed amendment to the CUSO rule, to enable CUSOs to be an option to help credit unions who choose to utilize this collaborative solution. The market is changing, and more people are buying online and at the point-of-sale, making it more challenging for credit unions to be the loan solution for their members. National sellers don’t want the friction of determining who is a CU member and to connect with hundreds of credit unions — CUSOs can help by being a single national focal point for credit unions.
We have provided the links below to learn more about the proposed amendment to the CUSO rule. Also just added, is the option to download a simple one-page version that your organization can use as a template and starting point for your own comment letter.… Read more
March 10, 2021 – As you have no doubt seen, the American Bankers Association has asked the NCUA to extend the comment period on the proposed amendment to the CUSO rule to allow CUSOs to originate all types of loans a credit union can originate. The ABA recognizes the tremendous benefits that CUSOs have brought to credit unions in helping them originate loans for their members and want time to generate letters to oppose the expansion of CUSO powers, to make it more difficult for credit unions to compete with banks.
Whether the NCUA grants this extension or not, we need to step up and send in comment letters in support of the proposed amendment to the CUSO rule and oppose the ABA’s efforts to stop this important modernization of CUSO powers and regulation. Please contribute to NACUSO’s Advocacy Fund to help us fight the ABA’s intrusion into credit union issues by clicking here.… Read more
February 26, 2021 – The NCUA Board, at their January 2021 meeting, approved a proposed amendment to the CUSO Rule that would accomplish two important things:
1. Expansion of authorized CUSO powers to include all types of loans a federal credit union may originate
2. Granting the NCUA Board additional flexibility to approve permissible activities and services
The NCUA is also seeking comment on broadening FCU investment authority in CUSOs. Comments must be received by March 29, 2021, as the proposed rule change was published in the Federal Register this morning, with a 30-day comment period.
We encourage you to submit written comments in support of the NCUA Board proposal, identified by RIN 3133-AE95 by any of the following methods (select one only):
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- Online: Federal eRulemaking Portal: http://www.regulations.gov Follow the instructions for submitting comments
- By FAX: (703) 518-6319 Include “[Your Name} – Comments on Proposed Rule: Credit Union Service Organizations (CUSOs)” in the transmittal.
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
We are excited to announce that our 2021 NACUSO Network Conference is now scheduled to be at the Encore Resort in Las Vegas, November 8-11! 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 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, you do not need to currently contact us to make a decision about your conference registration. We can automatically apply your registration or sponsorship fees to the 2021 NACUSO Network Conference. When registration is officially open, you’ll have the options of transferring your fees to the new 2021 November dates, applying them to the 2022 NACUSO Network Conference or requesting a full refund. We will be sure to contact you with the next steps and will work with you on the options that work best for your plans.