Now that the Sept. 26 comment deadline has passed, the NCUA will likely read through the more than 140 letters it has received on its proposal to amend the CUSO rule.
At press time, the majority of the letters were against the proposed amendments to Part 712, which include requiring all CUSOs to file financial reports directly with the NCUA and the appropriate state supervisory authority. The NCUA board has also proposed limiting FISCUs' aggregate cash outlays to CUSOs.
NCUA Chairman Debbie Matz recently told NAFCU's Congressional Caucus attendees that the agency is likely to make changes that could exempt CUSOs that perform back-office operations that don't pose a potential risk to the credit union system.
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