News & Highlights

What are Credit Unions’ Pain Points?

In 2016, Denver-based CUSO CU Service Network conducted a sweeping survey on top credit union issues and burdens. The findings revealed fascinating trends in the credit union landscape. Take a look at this infographic.

Also, be sure and stop by the NACUSO Network Lounge at the 2017 NACUSO Network Conference to learn more about CU Service Network.

Title Red Flags – Forgery

There are numerous types of mortgage and real estate fraud prevalent in the industry today. Recognizing the Red Flags may help with detection and prevention, and at the very least, encourage further investigation to ensure the validity of the transaction.


There are valid reasons for a party to use a power of attorney, but documents can be easily fabricated. To limit the potential for fraud, the best case scenario is for the buyers and sellers to appear in person at closing.


Signatures on closing documents should be compared with signatures in the chain of title. A current seller has most likely signed a prior mortgage and these signatures can be compared. Forgers may misspell names or sign them differently leaving off middle initials or designations such as “Sr.” or “Jr.”


A very small percentage of Americans own their property free and clear. If there was a mortgage on the property that has been paid off over a 30-year period, it would be uncommon for the owners to obligate themselves by taking out a new loan on the property. Asking the question, “Why are there no liens on the property?” and verifying the details of the transaction may uncover the possibility of a forgery in the chain of title.


The 6th Cooperative Principle in Action: Cooperation Among Cooperatives

Mobile economy affects business of all types.  The Federal Reserve Bank reports 86% of adults in the US have cell phones today, and they are using them for all types of business.  For business leaders who wonder how to speed their business forward by closing business more effectively, digital transactions are a definitive part of the answer.  

Market data, combined with internal studies at eDOC, clearly demonstrate the disruptive effect of mobile technology on consumer behavior.  It highlights the importance of every business leader becoming an aggressive tactician in leveraging mobile technology to perform digital transactions. Becoming experts in mobile enterprise digital transaction management is a core competency requirement of the contemporary business leader.

If you’re wondering, “Where can I tap into resources that can help me transform and win?” I’ll suggest one source, the cooperative credit union service organizations of the industry, known as CUSOs. These industry owned businesses drive down barriers of entry, and related costs through cooperative aggregation and engagement. These days it is easy to find them. All that is needed is a browser; go to and look for the CUSO registry. The power of the industry cooperatives is available, leverage it!


NACUSO Goes to Washington!

Every year the NACUSO board and staff makes it a point to attend the Governmental Affairs Conference (GAC) in Washington D.C. And this year was no exception.

We kicked off our trip with our monthly board meeting, followed by the Legislative & Regulatory Advocacy Committee meeting with guest Dennis Dollar. He gave us an update on Legislative issues and priorities such as:

We agreed that our legislative and regulatory advocacy priorities for 2017 are:

  • Continue opposing costly and unnecessary vendor authority legislative priority
  • Advocate for expansion of CUSO lending powers, especially auto loan origination
  • Support national data-security standards and support issues good for the credit union movement (i.e. FOM expansion, supplemental capital)
  • Support expansion of MBL powers
  • Monitor issues/changes to CUSO Registry

With our marching orders in hand we set out to meet with key people to make sure the only CUSO trade association was heard. We met with NCUA Board Member Rick Metsger, representatives from NAFCU, NASCUS and CUNA. While Jack was busy in those meetings Shawna and Denise visited with our Platinum and Gold sponsors in the massive exhibit area. There were some amazing displays this year – it was bigger and better than ever. They also got to thank some of our newest members and great supporters such as Buzz Points, CU Prodigy, eDoc.

Special shout-out to Mastercard – an amazing supporter of the NACUSO Network Conference. They brought into the exhibit area what can only be called a “total immersion” experience. A trailer, that you walked into that took you through the home of the future. Using Masterpass you can order your groceries on your refrigerator and have them delivered or see inside the fridge from the store to see if you need something. You can download your public transportation tickets onto “wearable technology” like a ring on your finger. It was amazing and exciting.

On Monday night we celebrated the career of Stan Hollen, retired CEO of CO-OP Financial Services who received the Award for Outstanding Individual Achievement at the Herb Wegner Awards dinner. A record crowd of 900 also honored The Cooperative Trust (aka The Crahsers) and Maria Martinez, CEO of $139 million Border FCU in Del Rio, Texas. There was hardly a dry eye in the house as she told the story of growing up an undocumented immigrant in a house with little money but lots of love. How it inspired her drive and passion to serve the underserved.

Now that we’re all back home and are looking at our event just 5 weeks away we are inspired and excited to see everyone that believes in cooperation among cooperatives come together to network and collaborate and of course have some fun in Orlando. See you there!

Spotlight on Tom Snyder, EVP Direct and Channel Sales for Buzz Points

Each month we are highlighting at least one NACUSO member with an interview style format that is meant to be fun and informative. This month our focus is on Buzz Points, a new NACUSO member and first time exhibitor at the 2017 NACUSO Network Conference in Orlando on April 10th – 13th.

PART ONE: Life Story and Experiences

What’s your current position and can you give me a brief overview of what it is you do in your work?

EVP Direct and Channel Sales. I work to create strategic partnerships to expand the Buzz Points footprint. Our ultimate mission as a company is to leave the credit unions we partner with and their communities better than they were before we came. Supporting local is more than just a feature of the Buzz Points platform, it’s what our company stands for. It’s why we do what we do.

What would you say most motivates you to do what you do? What are you most excited or passionate about?

I have been in the community banking arena for almost 10 years and have worked with some great people. In doing so, I have seen firsthand how credit unions truly are mission-driven and are always looking for ways to provide better value to their members. I love being part of a team at Buzz Points that helps credit unions to increase member value and strengthen the local communities where they live and work.

I want to hear the story of how you came to work with credit unions. What attracted you to work for Buzz Points?

It goes back pretty far for me.  I was raised by a single mom with five children, so times were hard. When finances were tight, it was her local credit union that was there to provide help. I was attracted to Buzz Points mainly because I am passionate about helping credit unions succeed, compete against the big banks, and strengthen their local communities. It was a no brainer for me to align myself with a company that gives me the chance to give back…


The Greatest Finish in NFL History

Like many of my friends (Seahawks fans) last Sunday we just hoped for an entertaining game. Super bowl commercials have become so innovative because historically Super Bowl games are a snooze fest. Never has a Super Bowl game gone into overtime and more often then not it’s a blowout (Seahawks beat the Broncos 43-8 in 2014).

Boy oh boy we were not disappointed on Super Bowl Sunday. Brady set all kinds of records in Houston.  In case you were out of the country, the Patriots overcame a 25-point deficit midway through the third quarter to pull out the 34-28 win in the first ever Super Bowl overtime, and in the process set or tied enough records to all but confirm this was the greatest Super Bowl in NFL history. 24 records were set and another seven records were tied.

There are only a few human beings that might have the athleticism, skill and tenacity to break Brady’s record in our lifetime. Tom Brady officially passed Dan Marino’s all time passing record of 62,361 yards by 221 yards. Dan Marino is now 5th on that list. So in NFL terms, Tom Brady is a “better quarterback” than Dan Marino.

But Plato said “The measure of a man is what he does with power.” When you are a high profile sports celebrity you have all kinds of “power,” including the ability to influence others. That’s why so many companies offer endorsement deals to them, to convert that power into a stronger brand and sales.


Why is Credit Union Accounting Shrouded in Fog?

While there is abundant data in other areas of credit unions’ critical functions, such as loans, strategy, marketing, and regulation, accounting is a grey mist on the horizon.

We have found there is little to no industry data compiled in this area, and many credit unions are left wondering if their accounting team is staffed appropriately as well as whether they should outsource various functions, such as ATM balancing.

Debra Templin, CFO of CU Service Network, manages the company’s Outsourced Accounting Service, which assists many credit unions across the country. “The most frequent question we are asked is ‘are we overstaffed?’ That is a difficult question to answer without knowing the type of positions and activities that are performed within the accounting department.”

The accounting function mystery is so difficult to crack because it is three-fold. Not only do credit unions need data on how many employees are staffed in credit unions’ accounting departments, but secondly, they need more data on what accounting functions are being managed. And thirdly, are their resources appropriately aligned in their asset class.  Without these three pieces of information available concurrently, the individual data is basically irrelevant.

As you can imagine, obtaining all of this data from credit unions can be difficult. However, the need for this type of information couldn’t be more critical. We find credit union managers are frustrated and unsure of whether they need to grow or scale back their accounting team. Are they inefficient? Wasting money? Overstaffed? Understaffed? They have nowhere to go to compare.


Generating Protection and Value for Company and Stakeholders Through Enterprise Risk Management

The recent highly publicized news about unauthorized account openings by staff members at a large national bank reminds us of the benefits of an experienced and empowered Enterprise Risk Management (ERM) practice. A more risk-informed company is better able to protect itself. The collection and analysis of a company’s risk environment also keeps it aware of potential hazards now and in the future.

Benefits of a Strong ERM Function

The proper implementation and application of ERM practices carry numerous benefits for multiple stakeholders within an organization.

  • A company’s strategic plan can introduce new elements of risk beyond those presented in the context of day-to-day tactical operations. ERM can identify potential risk in a strategic plan and develop the appropriate mitigation processes to help maintain an acceptable level of risk exposure and ensure the successful execution of the company’s strategic objectives.
  • The ERM discipline is critical to informing the decisions a company makes with respect to its investments in infrastructure and technology. A regimen of ERM oversight on mission-critical business plans and due diligence activities can be invaluable when evaluating the merits of particular investment ideas.
  • A formal and highly visible ERM function heightens awareness among employees about the role individuals play in defending the enterprise against risk. The combination of employee training on risks that are specific to the business, with proactive monitoring of the work environment by all staff for anomalies or suspicious behavior, can lead to early detection and avoidance of risk. A broadly promoted “See something, say something” campaign can empower an army of employees to take an active role in protecting the organization from potential harm.
  • Credit union partners of an organization committed to a world-class ERM practice benefit from higher levels of security around the data they entrust to the organization, along with the increased focus the enterprise places on regulatory compliance which, when missing, can negatively impact the organization and its clients.


Advocacy Updates

Report on Advocacy Fund spending… NACUSO Working for You

Through the support of our members and partners, NACUSO raised approximately $273,000 in contributions toward its Advocacy Fund (and predecessor Legal & Litigation Fund) over the past 3 years.  The goal of the two funds together are to enable NACUSO to conduct crucial advocacy work on behalf of CUSOs and their credit union owners / partners.

In keeping with our commitment to be fully transparent and to regularly communicate our usage of these dollars (we provided detail of how the funds were spent from 2014-2015 last year, which is also included in the attached Report), we would like to provide you with the following information, which was provided in detail to each contributor in the first quarter of 2017.  NACUSO spent the following amounts from the Advocacy funds during 2016:

$24,000     Dollar Associates, LLC - paid for advocacy work with Congress and NCUA on CUSO issues
$24,000     Messick & Lauer, P.C. - paid for advocacy work with NCUA and meetings with Congress on CUSO issues
$   718     Travel to Washington DC for meetings with Congress and NCUA
$48,718    Total amount spent influencing Congress and NCUA for favorable CUSO environment

The remaining funds, out of the total $273,000 in combined contributions, equal $110,323.  This represents the balance in Restricted Cash as of 12-31-16, as per the NACUSO Advocacy and Legal Fund Analysis report (click link below).

The NACUSO Board and its Legislative & Regulatory Advocacy Committee is continuing to prioritize the advocacy of a regulatory environment that is pro-CUSO and pro-collaboration within our industry.  NACUSO needs your support for this initiative and to accomplish its purposes.  While strategies may change over time based upon circumstances and opportunities to advance the cause of CUSOs, the necessity for funding of such initiatives is essential if NACUSO is going to remain in a position to impact the decision-making process for CUSOs and the credit unions that invest in, or utilize them.

Click to Contribute

For a summary of how NACUSO has worked to maintain an environment that is supportive of collaborative investment, the following report entitled NACUSO Working For You (see below) provides a summary of the work we have done on your behalf.  To capsulize some of its key points, a summary of what we feel are the NACUSO “wins” this past year are:

  • Effectively opposing the costly extension of Vendor Authority to NCUA.
  • Worked with NCUA on the revised MBL Rule.
  • Advocating for the expansion of CUSO powers to originate loans credit unions are authorized to make, to help bring scale and expertise benefits to credit unions in all loan categories.
  • Encouraged NCUA to be transparent in its budget and rule making including the OTR calculation.
  • Working with NCUA to minimize adverse impact of the CUSO Registry and to correct the acknowledgements initially in the Registry.

To emphasize the last bullet above, initially, in its first version of the CUSO Registry documentation that CUSOs were required to submit with their data to NCUA in 2016, the agency’s acknowledgement form required CUSOs – when submitting their data – to accept responsibility under regulations that only apply to credit unions but were not intended to, apply to CUSOs.  These acknowledgments, if left unchallenged and signed by CUSO officials, could have exposed CUSOs to potential penalties under regulations that do not, and were never intended to apply to CUSOs.  Upon becoming aware of this inappropriate acknowledgement requirement, NACUSO worked directly with senior NCUA staff to bring our concerns to their attention.  NCUA agreed to the NACUSO position and made the needed changes to the acknowledgements for the CUSO Registry data submission process.  In addition, for those CUSOs who had already submitted their registration and signed the acknowledgements, NACUSO developed a letter with the appropriate wording for those CUSOs to send to NCUA to clarify this acknowledgement concern.

Effective advocacy requires ongoing diligence in following every aspect of regulatory requirements impacting CUSOs and the credit unions that invest in them and benefit from them.  It necessitates prompt response at times and the ongoing resources to interact positively on behalf of the CUSO community on issues and requirements of all types.  With a new Congress now in session, educating them on the benefits of credit unions and the collaborations that enable them to cost effectively serve their members, as well as invest in innovation, through CUSOs that help spread and minimize risk, is an important message we are delivering.  We hope that you agree such diligent advocacy initiatives are crucial to the long-term viability of the collaborative movements within the credit union community.

We hope this report helps you see how we have carefully managed the funds entrusted to us, for Advocacy purposes.  We would be happy to answer any questions that you may have.  Thank you for your support, and for giving NACUSO the opportunity to support you as you serve your members.  Please consider adding your support to our advocacy efforts by contributing today.

View NACUSO’s 2016-17 Advocacy Plan 

View NACUSO’s Advocacy & Legal Fund Analysis


Best Regards,

Jack M. Antonini
President & CEO

NACUSO Working For You

Legislative & Regulatory Advocacy Update

Vendor Authority

Knowing that obtaining vendor authority was the number one legislative issue for NCUA in 2015-16, Jack Antonini and Guy Messick met with key Congressional representatives in January to tell Congress why credit unions and CUSOs oppose the extension of this expansive, costly and unnecessary authority to NCUA.  When NCUA made their official request for vendor authority, Congress was not persuaded by their arguments.

We continue to monitor the situation to ensure that the Senate and House recognize that such an unwarranted extension of regulatory and examination authority beyond the current statutory mandate of NCUA is both controversial in the industry and potentially damaging to an industry that is dependent upon third party relationships because of their smaller size in comparison to many of their competitors.  Credit unions need third party support and collaborative innovation to continue to effectively meet their members’ needs, and a burdensome regulatory and examination regime for anyone who does business with a credit union will not foster that support and innovation.

NACUSO is focused on protecting credit union collaboration through CUSOs, but we need your help, so we can continue to be vigilant in monitoring legislation in Congress, please contribute to NACUSO’s Advocacy Fund today – click here to contribute.


NACUSO was supportive of the positive changes in NCUA’s revised MBL Rule, including the greater authority to waive personal guarantees, a more balanced approach to construction loan limitations, enhanced flexibility on counting loan participations against the MBL cap and the improved treatment of 1-4 dwelling rental property.  NACUSO also, in consultation with our business lending CUSO members, recognized that the Conflict of Interest provisions in the new MBL Rule could be misconstrued by examiners, so we have engaged with NCUA Board members and senior NCUA staff about the issue, and sent a letter to explain our concern and our recommended solution (see NACUSO’s MBL Conflict of Interest Letter to NCUA ).

Expansion of CUSO Authorized Powers

NACUSO wrote to the NCUA Board in 2015 requesting an amendment to NCUA Regulations Part 712.5 to add to the list of authorized CUSO powers to help facilitate a competitive solution to the growing Internet and peer-to-peer lending competitors for car loans and unsecured loans faced by credit unions in today’s environment (see NACUSO’s letter).  Chairman Matz responded that she was not opposed to reconsidering new authorities for CUSOs, indicating “if CUSOs can legally provide additional services to benefit credit unions and their members without compromising safety and soundness, I would strongly support those efforts.”  Chairman Matz went on to say that she had asked NCUA staff to review the policy and safety and soundness considerations relative to our request, and this review is already underway (see Chairman Matz response).

NACUSO has since asked the NCUA Board to consider updating the CUSO powers to align CUSO loan support with the loans credit unions are authorized to provide to their members  (see NACUSO’s 2017 Expansion of CUSO Authorized Powers Letter to NCUA), so CUSOs can bring scale, risk mitigation and expertise benefits to credit unions in all loan categories, not just those listed in the regulations.  While we explained the reasons for updating the NCUA Rules and Regulations Part 712.5 defining the permissible pre-approved activities a CUSO may provide, we also referred to our advocacy efforts to have auto loans and consumer loans added to the list of CUSO activities over the past two years, and the support that NCUA has communicated regarding those efforts.  We respectfully submit that now is the time to update the CUSO regulations to clarify that CUSOs are authorized to assist credit unions with any loan type that credit unions are authorized to make.

Update on CUSO Rule Implementation

Pursuant to the CUSO Rule the NCUA adopted in November 2013, CUSOs have been required to report certain information directly to NCUA pursuant to the agreement with their investing credit unions.  NCUA built an on-line reporting system that went live in the first quarter of 2016, and CUSOs updated their CUSO Registry information in the first quarter of 2017.

NACUSO continues to work with regulators minimize the regulatory burden on CUSOs and to help credit unions realize the maximum benefit from collaboration through CUSOs.  We work to ensure regulations affecting credit unions and CUSOs are as favorable as possible, but we need your help to continue this regulatory advocacy work, please contribute to the NACUSO Advocacy Fund today.

NACUSO Supported Transparency on OTR

NACUSO has long expressed its concern about the growth of NCUA and its extension of its regulatory arm, both directly and indirectly, into areas of questionable statutory authority such as the de facto regulation and examination of CUSOs through the 2013 CUSO Rule.  The extension of regulatory authority by NCUA comes with increased costs, costs that are paid for ultimately by credit union members.

NCUA takes money from the insurance fund to pay for its operations through the Overhead Transfer Rate (“OTR”).  The OTR currently funds approximately 70% of NCUA’s budget.  NCUA does not have to justify its expenses or ask permission from anyone to take as much money as it deems appropriate from the share insurance fund for its operations.  Fortunately, under new leadership, NCUA has decided to be more transparent as part of its budget process and publish details of how it calculates the OTR.

NACUSO 2016-17 Legislative & Regulatory Advocacy Plan

As we explained when we announced the formation of the NACUSO Advocacy Fund two years ago, the regulatory climate that enabled credit unions to maximize the benefits of CUSOs and collaboration is under siege, and as an industry, we need to respond.  NACUSO established an Advocacy Fund to supplement its efforts to promote and protect a collaboration/CUSO friendly regulatory climate.

At the 2016 NACUSO Annual Conference, we shared our 2016-17 NACUSO Advocacy Plan, based upon the four basic precepts upon which our advocacy work is based.  Those four pillars are designed to support an environment that:

  • Encourages credit unions to deliver a better member experience and improve the financial well-being of members
  • Encourages credit unions to seek new collaborative ways to serve members needs
  • Rewards investment in innovation and collaboration
  • Supports the use of CUSOs as the incubators for collaboration and innovation so that credit unions can reap the benefits of entrepreneurialism without direct risks

The Advocacy Plan also identifies the key associational positions that NACUSO is focused on, for the benefit of CUSOs and their credit union owners, which are summarized as follows:

  • Supports the development of clear examination guidelines that recognizes that NCUA has review powers and not examination powers over CUSOs. Such guidelines would inhibit de facto regulatory creep that would treat CUSOs as regulated entities that would discourage innovation and collaboration. NACUSO will intervene with NCUA in the more egregious cases if the CUSO or the investing credit unions request NACUSO’s assistance.  NACUSO opposes any legislative efforts by NCUA to gain statutory authority to directly regulate and examine CUSOs through an unnecessary expansion of the agency’s examination authority over credit union vendors
  • NACUSO supports the modernization of the permitted CUSO Services list to include all loan types that credit unions can originate to help bring scale benefits as well as risk mitigation and expertise benefits to credit unions
  • NACUSO will encourage regulators to view innovation and collaboration as an essential part of a revitalized credit union model and adapt their regulations and supervision to encourage the responsible and prudent development of the collaborative model

Key strategies for accomplishing the NACUSO 2016-17 Legislative and Regulatory Advocacy Plan are detailed in the Advocacy Plan.  In order to have a maximum impact upon the regulators and the industry, CUSOs and their credit union owners must stand united as we promote the unique collaborative opportunities and risk sharing benefits that our CUSOs provide.   Together, our participation in collaboration advocacy efforts through NACUSO will be our most effective way of impacting the future regulatory environment under which CUSOs operate.

NACUSO will focus its advocacy efforts on those issues most critical to the CUSO community as a whole and will attempt to avoid watering down its message on key issues by taking public positions on all issues that may impact CUSOs or credit unions in a more indirect manner.

In the current environment it has become increasingly important for credit unions to find new sources of non-interest income in order to enhance earnings, build capital, and support member growth.  Thus, collaboration and innovation are more critical now than ever before to create sustainability for the credit union movement.  NACUSO educates the industry as a whole (CUSOs, credit unions and other providers) on the benefits of collaboration and innovation, facilitates cooperative business opportunities, and provides leadership on how to implement these strategies within a favorable legislative and regulatory environment.

It is the desire of NACUSO to be recognized as an effective organization in support of building a favorable legislative and regulatory environment through what we consider the four pillars of future credit union success – collaboration, innovation, growth and entrepreneurship.  NACUSO will be balanced in approach, but bold in action to aggressively promote this agenda and will seek to join with other like-minded organizations, when appropriate, to work in collaboration with NACUSO to see these key agenda items accomplished.

All of the organizations associated with the NACUSO Board of Directors have already made contributions to the NACUSO Advocacy Fund.   We urge you to add your collaborative voice to NACUSO’s advocacy efforts.  Please complete the commitment form today, and send your contributions to NACUSO so we can help you.  Please share with your friends in the industry who want to ensure a bright innovative, collaborative future for our industry and our members.  If you or your industry friends are not yet members of NACUSO, now is the time to join, and be part of the collaborative solution.  If you have questions about the NACUSO Advocacy Fund, click the link to go to the NACUSOAdvocacy Fund FAQ’s.

Thank you very much for your support, and for giving NACUSO the opportunity to serve you as you serve your members.  It is a privilege that we truly appreciate.


Jack M. Antonini
President & CEO

Jack M Antonini
President & CEO – NACUSO  (713) 208-0989
NACUSO’s 2018 Network Conference April 16-19 at Disneyland Resort in Anaheim, CA
Learn more about NACUSO in this short video!

NCUA Meeting Provides CUSO Guidance 6/16/16

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.   NCUA will be following up with CUSOs to obtain these filings.   NCUA is also scrubbing the data and asking for clarification if the data is indicating that there may have been a reporting error. (more…)

Report on Advocacy Fund spending…NACUSO Working for you

Through the support of our partners, NACUSO raised approximately $63,000 in contributions toward its Legal and Litigation Fund in 2014 with a primary purpose to develop strategies for the most effective way to seek the repeal and/or mitigation of the impact of the CUSO Rule that NCUA had adopted in November 2013.  Subsequently, NACUSO established an Advocacy Fund to supplement the Legal and Litigation Fund.  The goal of the two funds together were to enable NACUSO to coordinate legal decision making, with a crucial advocacy component that will have more impact than the always risky option of legal action.  In total, $190,600 was contributed to the NACUSO Advocacy Fund.  Combined these two related initiatives received total contributions from NACUSO partners of approximately $253,600 in 2014 and 2015.

In keeping with our commitment to be fully transparent and to regularly communicate our usage of these dollars, we would like to provide you with the following information.  NACUSO spent the following amounts from the two funds during 2014 and 2015:


CUSO Registry Clean Up Period 4/22/16

As most of you know, all CUSOs are obligated under the NCUA Regulations to register certain information directly with NCUA on an annual basis.   Over 800 CUSOs did so in February and March.   NCUA is now in the process of making sure all CUSOs have registered.   Their new deadline is April 30.  They are taking CUSO information from the credit union 5300 call reports and sending out letters reminding “CUSOs” that they have to register.   Some credit unions may have incorrectly listed a company as a CUSO.  Other credit unions list their CUSO but use an acronym for the CUSO instead of the CUSO’s full name.   NCUA, not knowing better is sending letters to any and all companies listed on the call reports. (more…)

Regulatory Update 3/15/16

Letter to NCUA regarding CUSO Registry Acknowledgement: Yesterday, NACUSO informed you of a change we negotiated with our General Counsel (Messick & Lauer) with the NCUA regarding the CUSO Registry Acknowledgment each CUSO is required to agree to when submitting their CUSO registration in the NCUA’s CUSO Registry system.  As we pointed out in our Regulatory Alert yesterday, the acknowledgment required CUSOs to agree to be bound by statutes that only apply to credit unions and which imposed penalties that are not applicable to CUSOs.


Change to the CUSO Registry Acknowledgement 3/14/16

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. (more…)

Regulatory Update 2/26/16

NCUA’s CUSO Registry Training & Demonstration webinar held on February 11 is now available to be viewed.  If you missed the webinar, or want to view it again, to help you in completing the CUSO Registry, you can watch it by clicking on the following link:  View 2/11/16 Webinar. You have until March 31, 2016 to complete your initial registration of all CUSOs.