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The National Credit Union Administration board on Oct. 21 will consider a final rule governing the permissible activities for Credit Union Service Organizations—an issue that has been a contentious one for board members in the past.
The contents of that final rule will not be released until the Thursday meeting.
In January, board member Rodney Hood proposed a rule that would allow CUSOs to originate any loan that federal credit unions may originate.
Democratic board member Todd Harper, who became chairman when President Biden was sworn in, opposed the rule at the time, saying that the NCUA has no power to supervise CUSO compliance with consumer protection laws.
Harper has not brought a final CUSO rule back to the board.
However, under NCUA bylaws, two members may force an issue onto the board’s agenda as long as they give ten days’ notice. Hood and fellow Republican board member Kyle Hauptman voted at the board’s September meeting to bring a final rule to a vote at the October meeting.
Author
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David BaumannDavid is the editor of the blog at CUCollaborate. He is a veteran Washington reporter, and spent four years as Washington correspondent for the Credit Union Times before starting his own website, Washington Credit Union Daily. He has spent his career writing and editing for many of the capital’s leading publications, including CongressDaily, National Journal magazine and Congressional Quarterly Weekly. He was part of a team that won a 2005 National Headliner Award for a special issue of National Journal on “The State of Congress.” He holds a B.A. in political science from The George Washington University and an M.A. in journalism from Indiana University.
