Organization and Operations of Federal Credit Unions; Corporate Credit Unions; Credit Union Service Organizations; Advertising

Resumo

The final regulation updates, clarifies and streamlines existing rules concerning credit union service organizations (CUSOs), a common means of outside provision of services to federal credit unions (FCUs) and to credit union members. The final rule clarifies NCUA's authority to review CUSO books, records, and operations, adds corporate separateness requirements and additional permissible services, changes the legal opinion requirements, maintains safety and soundness criteria, and ensures the continuity and growth of services to FCUs and their members conducted through CUSOs. Related conforming changes are also made to credit union service contract, fixed asset, and corporate credit union rules.