ARLINGTON, Va. - NASCUS is encouraging NCUA to work with state regulators on CUSO-related issues to ensure no new regulatory burdens are added.
The comment is in response to proposed changes to Part 712 that would extend requirements to FISCUs for corporate separateness and grant NCUA access to CUSO books and records of state credit union CUSOs with federal credit union investments. NASCUS said it agrees with NCUA that it is sound business practice for credit unions to maintain corporate separateness from their CUSOs, but it recommends that if the agency promulgates a separateness rule for FISCUs, that it incorporate the requirements in Part 741 rather than by reference to Part 712.4.(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com http://www.sourcemedia.com
