CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact

News

Home » CUNA supports ‘modest but important’ proposed CUSO changes
Policy & Issues

CUNA supports ‘modest but important’ proposed CUSO changes

April 30, 2021
NCUALogo

Expanded Credit Union Service Organization (CUSO) lending authority will allow CUSOs to better serve credit union members, CUNA wrote to NCUA Friday. NCUA issued a proposal in February to expand the list of permissible activities and services for CUSOs to include originating any type of loan that a federal credit union may originate.

“CUNA supports the proposed changes detailed in this proposed rule and encourages the Board to implement a final rule incorporating these changes,” the letter reads. “Moreover, the Board should move quickly to propose a rule expanding FCUs’ investment authority in organizations, as CUNA members are missing out daily on opportunities to work with entities outside of the current CUSO structure.”

CUNA also notes that the proposal, rather than a major expansion of permissible CUSO activities—shows NCUA is recognizing lending is becoming increasingly complex, and that “that pooled resources through CUSOs may be necessary for some credit unions should they want to continue to offer loans to members in today’s and tomorrow’s evolving marketplace.”

“CUSOs’ current lending activities demonstrate that there is a place in the market for both credit unions and CUSOs to lend directly to consumers,” the letter reads. “In the future, we see greater necessity for credit unions to pool resources through CUSOs to compete with large banks and fintechs or run the risk of being unable to offer loans either directly or through a credit union-controlled entity.”

KEYWORDS NCUA
Credit Union Magazine: Summer 2022

Summer 2022

Credit Union Magazine’s Spring 2022 edition highlights inclusive lending, succession planning, fair lending and artificial intelligence, and the use of environmental, social, and governance (ESG) as a competitive differentiator.
Digital Edition •  Subscribe

Trending

  • CUNA board, CFPB Director Chopra talk credit union priorities

  • CFPB, NCUA rules on Spring 2022 Unified Agenda

  • Legislation would prevent further exploitation of ILC loophole

Tweets by CUNA_News

Polls

Do you think credit unions should offer cryptocurrency services?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2022 Credit Union National Association | ADA Compliance Notice & Legal
Email Us