Archive

Go to:

October 2017
SMTWTFS
1234567
891011121314
15161718192021
22232425262728
293031
< Sep Nov >
Leaguer Email Subscription

You are not currently subscribed. Click Subscribe below to receive the Leaguer email.

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.