Attached is the template of the first letter NCUA is sending out by U.S. mail this week to the approximately 700 known CUSOs that NCUA has valid mailing addresses for. Those letters should start arriving next week. The main purpose of the attached initial letter to known CUSOs is purely technical: to verify existing CUSO EIN numbers in advance of the registry’s enrollment period, since the EIN information is part of NCUA’s registration/validation process.
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Posts By: Shawna
CUSO Partnerships-Quick Survey!
Let’s Start a CUSO together! This year we’re going to try something really unique at our NACUSO Network Conference. We are going to bring in subject matter experts to facilitate conversations between credit union leaders around forming new CUSO partnerships and strengthening existing partnerships. But we need your help in setting these up. If you could please take 5 minutes to complete a 5 question survey to help us focus on the right areas, we would very much appreciate it. Take the Survey!… Read more
NACUSO Regulatory Update 12/9/15: CUSO Registry
We received the following update from NCUA regarding the CUSO Registry on 12/9
1. By late next week, NCUA has notified NACUSO that they will send a hard copy letter directly to all CUSOs currently known to them about the CUSO Registry and enrollment period coming up in 2016. They state that the main purpose of this initial letter to CUSOs is to verify existing CUSO EIN numbers in advance of the enrollment period, since the EIN will become an identifier as a part of the enrollment process.
Regulatory Update: NCUA Board Approves Risk Based Capital Regulation
On October 15, the NCUA Board approved, on a vote of 2-1, the RBC2 proposal, with some important modifications. Although we are still reviewing the 424 page final rule, one of the important changes in the final rule reduced the risk weight for equity investments inmulti-credit union owned CUSOs to 100% if the total of equity exposure is less than 10% of the sum of the credit union’s capital elements of the risk-based capital ratio numerator.… Read more
NACUSO Comments to New CUSO Rule Information Collection Request
We have provided a link below to a copy of NACUSO’s comment letter addressing the CUSO Rule Information Collection Activities Request filed in the Federal Register on July 6, 2015 by the NCUA, requesting comment by September 4, 2015. We have been engaged in open dialogue with the NCUA during the development of the new NCUA system for gathering CUSO information, that will begin as of 12-31-2015. We believe NCUA is taking the right approach by utilizing a beta test group of CUSOs to work through the data collection process and ensure it works smoothly and efficiently. However, as you will see in our comment letter, we also felt that this was an opportune time for NACUSO to encourage NCUA to ensure data submitted, especially by CUSOs which are deemed to be “complex” CUSOs and therefore submitting more detailed information, is kept absolutely confidential. We also emphasized that every effort should be made to ensure that the reporting regimen minimizes unnecessary burden and that most data should be submitted electronically for less paperwork.
