CUSO examinations, while less frequent than credit union examinations, are no less stressful or thorough. Patrick Sickels advises on how best to prepare yourself and your staff ahead of time for an audit to make sure you pass with flying colors.
Dawn Moore warns credit unions against diving too deep into customization as the result can make shared resources and support materials confusing enough to members that they become useless.
Comply-YES! continues its first-year momentum by establishing ally (client) relationships with five new credit unions and one new Credit Union Service Organization (CUSO).
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, reports David Baumann of the Washington Credit Union Daily.
Credit Union Trade Groups Endorse Proposed CUSO Rule While Consumer Groups Argue Would Authorize Predatory Lending
Two stories from David Baumann of the Washington CU Daily: Saying that the NCUA’s current rule governing Credit Union Service Organizations is sorely outdated and hampers innovation, CUNA and NAFCU are calling on the agency board to finalize an updated regulation. The National Credit Union Administration’s proposed Credit Union Service Organization rule would allow CUSOs to become predatory payday lenders that could make loans that far exceed the interest rate in the Federal Credit Union Act, consumer groups are warning.
Chip Filson shares his thoughts on the 50th anniversary of cooperative CUSO CU*Answers and the message they sent to owners.
After the proposed CUSO lending rule change approved in January by the NCUA Board, bankers are asking for more time to comment.
CUSOs are formed for all sorts of reasons. Sometimes for access to tech, sometimes for lowered costs, sometimes for shared resources, and sometimes even all three. Scott Page shares some considerations credit unions should think through when forming a new CUSO.