CUSO Can Provide Small BusinessServices

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ALEXANDRIA, Va. - (01/04/05) -- A federal credit union may invest ina CUSO that will provide services supporting small businesses,including accounting, income tax preparation, estate planning andretirement counseling, according to NCUA. In a new legal opinionissued to Corning FCU, NCUA noted its CUSO rule allows federalcredit unions to serve business members the same way they may servenatural person (individual) members. While the CUSO rule does notspecify these activities as approved, they come within the broadcategory of routine, daily operations of credit unions, NCUAsaid.

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