ARLINGTON, Va.–NAFCU has sent a letter to NCUA in response to an Office of Management and Budget (OMB) request regarding the agency’s soon-to-be-public Credit Union Service Organizations (CUSO) Registry.
After outlining its reasoning in the letter, the association stated, “NAFCU continues to believe that NCUA should not resort to its new reporting mechanism in an effort to oversee credit union service organizations. As we have consistently maintained, such a move risks running afoul with the legal authority designated to the agency by Congress, as well as imposing significant costs and burdens on CUSOs and their credit union owners. Further, NAFCU is concerned that NCUA has failed to justify the associated costs and burdens of this data collection on both the industry and the agency, as the registry will also require considerable NCUA expenditure for its implementation.”
A copy of the letter appears in CUToday.info’s The Gov here.