ALEXANDRIA, Va. (10/15/15)--The National Credit Union Administration is collaborating with 25 credit union service organizations (CUSOs) to test a new Web-based registry. According to the most recent issue of The NCUA Report, this registry will allow CUSOs to provide information directly to the NCUA.
The testing period ran through early October and allowed participating CUSOs the opportunity to provide feedback on the registry. Feedback will be used by the NCUA to refine the registry and improve functionality before it is launched in the first quarter of 2016.
The registry is an element of the changes the NCUA made to its CUSO rule in November 2013, part of which requires CUSOs to report on an annual basis certain financial and operational information to the NCUA and any applicable state supervisory authority.
Newly formed CUSOs must register online with the NCUA within 60 days after being formed and must answer a series of screening questions to ensure organizations that do not meet the regulatory definition of a CUSO will not be allowed to register.
For more information on this month's The NCUA Report, see "McWatters expands on FOM ideas in this month's NCUA Report" in today's News Now.