WASHINGTON (1/12/16)--After several months of testing, the National Credit Union Administration (NCUA) is preparing to roll out its credit union service organization (CUSO) registry, with an open enrollment period expected to begin Feb. 1.
The NCUA is expected to issue a letter to federal credit unions in the coming days about the registry.
The agency finalized a new CUSO regulation in November 2013, and it became effective June 30, 2014. The changes include a requirement that CUSOs must agree in writing to provide information directly to the NCUA.
Credit unions that have a loan to a CUSO or an investment in a CUSO must have in their contract with the CUSO a provision that the CUSO will submit information to the NCUA annually through an online registry.
The NCUA, along with 25 credit union service organizations, have been testing a CUSO registry since October.
All CUSOs must provide the following information for basic registration: tax identification number; legal name; address; telephone number; Web address; point of contact; services offered; a list of federally insured credit unions (FICUs) that invest in, lend to, or receive services from the CUSO; and any parent/subsidiary information.
CUSOs offering one or more complex or high-risk services must also provide a list of services provided to each FICU customer; the investment, loan or level of activity of each FICU; and annual financial statements.
CUSOs offering credit or lending services must also provide: the total dollar amount of loans outstanding; total number of loans outstanding; total dollar amount of loans granted year-to-date; and the total number of loans granted year-to-date.
This information can be found on the Credit Union National Association’s CompBlog, assembled into an easy-to-view table.
Only basic CUSO information will be available to the public on the registry--all proprietary information will remain confidential, according to the NCUA.