Letter to CUs in preparation for CUSO registry

Jan. 4, 2016 -- A formal “letter to credit unions” with additional information about the new Credit Union Service Organization (CUSO) registry will be issued this month, with the initial registration beginning Feb. 1, according to a letter sent last month by NCUA to credit union vendors.

CUSOs will have until March 31, 2016 to register.

NCUA’s CUSO Registry is governed by NCUA’s ยง712.3, requiring all CUSOs to submit annually to NCUA and the applicable SSA basic registration information, including:

  • The CUSO's legal name
  • TIN
  • Address, telephone number, website
  • Primary point of contact
  • Services offered
  • Name(s)/charter(s) of CUs investing in, lending to, or receiving services from the CUSO
  • Any investor and/or subsidiary CUSO(s).

In a 2013 summary of the rule, NASCUS noted that “complex” CUSOs will be required to submit additional financial information. NCUA defines a “complex” CUSO as a CUSO engaged in credit or lending, information technology, or safekeeping activities.

Late last month, NCUA began sending letters to “known” CUSOs to inform them of the approaching open registration, and confirm basic identifying information

NASCUS anticipates that, after the initial registration period closes on March 31, NCUA will review the data for accuracy and that, sometime around mid-year, some of the registry data will be made publically accessible.

In a website posting, NCUA has pledged proprietary information will be non-public. “NCUA is committed to securing this data as required by FOIA, and will not release such information,” the posting states.

The posting also notes that the agency “will share CUSO information with state supervisory authorities that have a signed information-sharing agreement with the agency.”

LINKS:
NCUA posting on its new CUSO registry (including letter to CUSOs)
NASCUS 2013 summary of CUSO rule