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Today is CUSO Amended Agreement Deadline
Monday, June 30, 2014 7:00 AM

On Nov. 21, 2013, the National Credit Union Administration board adopted changes to the regulations that address federally insured credit unions’ responsibilities when involved with a credit union service organization (CUSO).  As part of these requirements, credit union are required to ensure that agreements with CUSOs include statements that require the CUSO to provide certain information directly to the NCUA and the state supervisory authority, as applicable, on an annual basis. Agreements are also required to ensure that CUSOs comply with generally accepted accounting principles (GAAP), and obtain a financial statement audit.

Today is the deadline to amend these agreements.  The Cornerstone Credit Union League highly recommends that all credit unions that have current agreements with a CUSO make sure these provisions are included.

For more information, see NCUA Letter to Credit Unions 13-CU-13.