NASCUS Presses SEC, Fed On Broker & Dealer Activities

ARLINGTON, Va. - The National Association of State Credit Union Supervisors (NASCUS) submitted comments to the SEC and Fed recommending that credit unions be included in their joint proposed rule that grants exemptions for banks for "broker" and "dealer" activities. NASCUS expressed concern that unless state-chartered CUs are afforded the same treatment as commercial banks and savings institutions, the powers granted to credit unions will be unnecessarily preempted or the rule will trigger redundant and costly examination and oversight.