ALEXANDRIA, Va.–Credit Union Service Organizations (CUSOs) now have 60 days to complete their annual, required reaffirmations with NCUA’s CUSO Registry.
NCUA introduced the CUSO Registry in 2016 as part of a CUSO rule that had passed by the board in late 2013. The rule requires CUSOs to report financial and regulatory information to on an annual basis through the registry. A searchable version of the registry is available online.
The rule also requires any federally insured credit unions to enter into written agreements with any CUSOs they make loans to or invest in. Such agreements must be signed before a credit union invests in or lends to a CUSO, and it must obligate the CUSO to annually provide certain information directly to NCUA, and the state supervisory authority where applicable.
Prior to the CUSO Registry, as NCUA noted there was no overall database of CUSOs in the country or of the relationships credit unions had with CUSOs.
Credit unions are prohibited from making additional investments or loans to a CUSO if it has not registered each year.
The deadline for registration is March 31.