NACUSO Advocacy Plan Summary
NACUSO 2024-25 Legislative and Regulatory Advocacy Plan: Fostering Collaboration and Innovation for a Sustainable Credit Union Industry
The National Association of Credit Union Service Organizations (NACUSO) is committed to championing collaboration and innovation within the credit union industry. Recognizing the vital role these elements play in ensuring long-term sustainability, NACUSO is actively advocating for legislative and regulatory reforms that foster a thriving environment for credit unions.
Key Advocacy Priorities:
Streamlining Membership Processes: NACUSO encourages the development of a more modern membership process for credit unions, facilitating CUSOs’ ability to originate loans for multiple credit unions in the digital lending landscape.
Protecting CUSOs: NACUSO firmly opposes any attempts to expand NCUA’s regulatory authority to include direct oversight of CUSOs. Instead, they support the establishment of clear examination guidelines that recognize NCUA’s limited powers and discourage regulatory creep.
Modernizing Regulations: NACUSO aims to develop and propose a new model CUSO rule, as well as advocate for modernized state CUSO rules and regulations. These efforts seek to encourage collaboration and innovation within the credit union industry.
Embracing Innovation: NACUSO urges regulators to view innovation and collaboration as crucial components of a revitalized credit union model. They encourage the adaptation of regulations and supervision to support the responsible development of collaborative models, including investments in financial technology partners.
Enhancing Balance Sheet Management: NACUSO advocates for the modernization of credit union deposit account laws and regulations to provide credit unions with greater flexibility in managing their balance sheets. This includes exploring options such as deposit brokerage to effectively manage risk.
