CUSOs; CFPB Reform?; Hot Dog
Proposed CUSO Rule. At last Thursday's Board meeting, NCUA introduced a proposed rule regarding CUSO's. If your credit union works with a CUSO (or CUSOs), this is an issue to follow. The proposed rule would require CUSOs to file financial reports directly with the NCUA and the appropriate state supervisory authority and it would require any CUSO subsidiaries to follow rules and regulations applicable to CUSOs. Additionally, it would implement investment limits for federally-insured state-chartered credit unions that are "less than adequately capitalized." The proposed rule can be found here.
CFPB Reform? The House passed HR 1315, The Consumer Financial Protection Safety And Soundness Improvement Act of 2011, late last Thursday. It would replace the CFPB director with a 5-person commission and allow the Financial Stability Oversight Council to challenge the CFPB with a majority vote rather than the 2/3 vote currently required. The bill would of course have to pass the Senate and be signed by the President. You can find more on this in this NAFCU News item.
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Hot Dog. So, the members we've talked to this past week have been asking us just how hot is it in DC? Well, the picture below should give you a good idea (I cannot take credit for the picture - that came to us from our fearless leader Fred Becker, or rather, his better half). Some of you have been experiencing temperatures just as hot, if not hotter, so stay cool everyone.
