LAS VEGAS – Almost 10 months after NCUA said it would more closely regulate CUSOs – and the organizations in turn bombarded the regulator with comment letters – NCUA reportedly is narrowing its focus from the entire CUSO industry to a select group.
That was the message from Lisa Renner, who told attendees of NACUSO’s Annual Conference here NCUA has indicated it will announce regulations in June or July that will focus on IT CUSOs, lending CUSOs (especially those that do member business lending) and the one existing trust CUSO. Renner is co-founder and managing principal of The Renner Group, LLC, and serves as chairman of NACUSO’s Legislative and Regulatory Advocacy Committee.
Jack Antonini, president of NACUSO, told Credit Union Journal the trade group remains “anxious” to see the final rule, but added, “As long as the focus is on risk, we are glad NCUA is taking a more reasonable approach. NCUA said it will focus on IT CUSOs because some of them have gotten so large and support so many credit unions, if one went down it would be a catastrophic risk. We think it is good to not force the entire industry into a box, and focusing on risk is more appropriate. Based on the signals we are getting, that is what the final rule should look like.”
