ABA asks NCUA to Extend Comment Period on CUSO Rule Amendment

As you have no doubt seen, the American Bankers Association has asked the NCUA to extend the comment period on the proposed amendment to the CUSO rule to allow CUSOs to originate all types of loans a credit union can originate. The ABA recognizes the tremendous benefits that CUSOs have brought to credit unions in helping them originate loans for their members and want time to generate letters to oppose the expansion of CUSO powers, to make it more difficult for credit unions to compete with banks.

Whether the NCUA grants this extension or not, we need to step up and send in comment letters in support of the proposed amendment to the CUSO rule and oppose the ABA's efforts to stop this important modernization of CUSO powers and regulation. Please contribute to NACUSO's Advocacy Fund to help us fight the ABA's intrusion into credit union issues by clicking here or below.

Please send in comment letters to the NCUA in support of the proposed amendment to the CUSO rule, to enable CUSOs to be an option to help credit unions who choose to utilize this collaborative solution. We have listed several links below to learn more about the proposed amendment to the CUSO rule, more background on the expansion of CUSO powers and we've created a template of NACUSO's comment letter that you can use as a starting point for your own comment letter.

Click to download: Draft of Comment Letter to submit to the NCUA Board
Click to view: NACUSO’s Signed Comment Letter 2-26-2021 to the NCUA Board
Click to view: Instructions on how to send Comment Letters to NCUA
Click to view: Expansion of CUSO Powers article by NACUSO
Click to view: More information on the proposed amendment to the CUSO rule

Click here to support NACUSO's Regulatory Advocacy efforts. Help us fight the ABA's intrusion into credit unions by contributing to the NACUSO Regulatory Advocacy Fund.

Join NACUSO Gold Partner Alacriti and Mercator Advisory Group for a

Payments Modernization Update

The Clearing House RTPⓇ network is gaining transaction volume. FedNow recently said they are on track to go live in 2023 - which is earlier than many expected. Nacha is launching new requirements for ACH. So, what does this mean for your organization's 2021 plans? And how does this affect payments modernization overall?

In this educational webinar presented by Mercator Advisory Group on March 24, at 2:00 p.m. EDT, Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group, and Mark Ranta, CTP Payments Practice Lead for Alacriti, will discuss:

Changes in payments, including real-time payment adoption
Payments types FIs plan to add and their IT spend trends
Executive payment trend concerns
Update on market demand for faster payments and use cases
Security and risk of the RTP and faster payments market
Forecasts for interoperability of real-time payment networks
Next steps to consider on your payments modernization progression

Sarah Grotta

Director, Debit Advisory Service

Mercator Advisory Group

Mark Ranta

CTP Payments Practice Lead

Alacriti