The move is part of Chair Metsger’s Continual Quality Improvement effort, and begins with the Sept. 30 reporting cycle.
Brian Witt, an attorney with the law firm Farleigh Wada Witt, says credit union losses from CUSO operations are infrequent, but it’s the magnitude of recent CUSO losses that led to increased regulation and the NCUA’s final CUSO rule.
Northwest credit unions cheered the news this week that there will be no Corporate Stabilization Fund assessment in 2014, saying the decision by the National Credit Union Administration “demonstrates the resiliency of the credit union system.”
The National Credit Union Administration (NCUA) released its final rule addressing CUSO supervision during its board meeting in Washington, D.C., last week.
The NWCUA called on the NCUA to withdraw its recently-proposed rule, which would grant the NCUA unprecedented access to CUSOs, stating that the proposal would give the NCUA powers beyond congressional intent and would unfairly put credit unionsâ€™ NCUSIF coverage at risk.
The National Credit Union Administration is proposing a controversial requirement that credit union service organizations (CUSOs) file their financial statements to the agency. Credit union professionals with concerns about the proposal have until September 26 to file comment letters.
At the Association’s urging, the NCUA chairman pulled a net worth and equity ratio proposal from consideration at the July meeting in order for additional comment and review by the agency.
The insurance agency must primarily serve credit unions, their members, or the membership of credit unions that are under contract with the agency.