ALEXANDRIA, Va. – A federal credit union may not provide benefits to the employees of its CUSO, whether the CUSO is wholly owned or majority owned, NCUA said in a new legal opinion.
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However, the credit union may obtain and administer benefits for the CUSO employees if the CUSO pays for the benefits, said the agency.
A federal credit union may provide employee benefits for a credit union employee who also performs some duties for the CUSO, but only for the duties the employee performs for the credit union.
