NCUA denied a request by a federal credit union to acquire a funeral home, ruling the initiative is not a permissible activity for a CUSO.
In a new legal opinion letter, NCUA told Members Cooperative CU, in Cloquet, Minn., that owning a funeral home does not come under the meaning of "estate planning," for permissible CUSO activities, which refers to financial counseling for estates. "We do not believe ownership and operation of a funeral home meets the threshold requirement of a 'financial counseling' service," NCUA told the Minnesota credit union, which had been approached by several of its member cooperatives that own a funeral home, and asked to takeover ownership of the operation.
Ed Roberts can be contacted via eroberts
