As most of you know, all CUSOs are obligated under the NCUA Regulations to register certain information directly with NCUA on an annual basis. Over 800 CUSOs did so in February and March. NCUA is now in the process of making sure all CUSOs have registered. Their new deadline is April 30, 2016. They are taking CUSO information from the credit union 5300 Call Reports and sending out letters reminding “CUSOs” that they have to register. Some credit unions may have incorrectly listed a company as a CUSO. Other credit unions list their CUSO but use an acronym for the CUSO instead of the CUSO’s full name. NCUA, not knowing better, is sending letters to any and all companies listed on the call reports.
So, if a CUSO receives a letter from NCUA and the CUSO has already registered, or if you are a company that does not have any credit union investment and are not a CUSO, advise NCUA accordingly so that they can correct their records. If you are a CUSO that has not registered, then do so as your credit union clients will be hounded until you do.
Guy A. Messick