Registry process for CUSOs gets underway

Dec. 16, 2015 -- The first steps in rolling out a credit union service organization (CUSO) registry are underway by NCUA in the form of letters sent to more than 700 “known CUSOs” the agency has mailing addresses for, the agency said today.

The letters should begin arriving next week, according to NCUA; they seek verification of the CUSOs’ employer identification numbers (EIN), a component of the registry’s validation/registration process.

Under the rule adopted by NCUA in 2013, the agency had set Dec. 31 as the operational date for the registry. The actual registration process, the agency stated, will get underway next month with a formal Letter to Credit Unions about the registration process; the registry is expected to “go live” Feb. 1. Enrollment will be open for 60 days (until March 31).

As noted in a NASCUS summary of the 2013 CUSO final rule, the registry is designed to provide a comprehensive view of the role that CUSOs play in the credit union industry. “Accordingly, no CUSOs, including those utilized by FISCUs, will be eligible for an exemption from the new registration and reporting requirements contained in 712.3(d)(4),” the NASCUS summary noted. “In addition, a new subsection was added to this section requiring the state to provide copies of the CUSO’s financial statements and reports to NCUA on request.”

NASCUS 2013 summary of CUSO rule
NASCUS 2011 comment letter on notice of proposed rulemaking/CUSOs