A 60-day window for credit union service organizations (CUSOs) to complete their annual, required reaffirmations with the CUSO Registry maintained by the National Credit Union Administration (NCUA) opens Friday and concludes March 31.
Launched in 2016, the CUSO Registry is explained in the CUSO rule approved by the NCUA Board in November 2013. CUSOs are required to report financial and regulatory information to NCUA on an annual basis through the registry. A searchable version of the registry is available online.
CUSO registration requirements were detailed for credit unions in a 2016 NCUA Letter to Credit Unions. The letter notes that federally insured credit unions are required to enter into written agreements with any CUSOs they make loans to or invest in. Each agreement must be signed before a credit union invests in or lends to a CUSO, and it must obligate the CUSO to annually provide certain information directly to NCUA, and the state supervisory authority where applicable.
The NCUA letter also notes that if a CUSO fails to register, credit unions may not make additional investments or loans to the CUSO until the CUSO satisfies the annual registration requirement.
NCUA CUSO Registry (login required)