CFPB’s Spring 2022 Supervisory Highlights
Last month, the CFPB released its spring 2022 Supervisory Highlights, detailing its recent supervisory and enforcement actions spanning from July 2021 through December 2021. The CFPB publishes Supervisory Highlights to help financial institutions better understand how they are being examined for compliance with federal consumer financial laws. Supervisory Observations including violations of federal laws, regulations and prohibited […]
What are the credit union incidental powers? At the July 2001 Board Meeting, the NCUA Board approved a revision of Part 721 of the NCUA Regulations to expand federal credit unions’ incidental powers. The Incidental Power Regulation replaces the Group Purchasing Regulation. Credit unions are created by statute, and their powers are found expressly in […]
These FAQ’s are based upon Part 701.22 of the NCUA Regulations and apply to federal credit unions. State chartered credit unions follow their state law but most states follow the NCUA Rules for loan participations. What organizations are eligible to participate loans with credit unions? Credit unions may only participate loans with other credit unions, […]
What is a CUSO?
What is a Credit Union Service Organization (CUSO)? The term “CUSO” means that the business entity is qualified for and has a credit union investment. A CUSO must be a Subchapter-C corporation, limited liability company or limited partnership in which a credit union has an investment or loan. A CUSO cannot be a Subchapter-S corporation […]