ALEXANDRIA, Va.—NCUA is reminding CUSOs that they have until March 31 to register with the agency.
As part of NCUA’s enhanced CUSO rule approved in November 2013, federally insured credit unions are responsible for ensuring the CUSOs they make loans to or invest in agree to provide certain information directly to NCUA.
CUSOs can register online at http://go.usa.gov/cPcy5. There is no fee to use the agency’s CUSO Registry.
To help CUSOs complete the registration process, NCUA said it has developed a series of short instructional videos that detail how to use the registry and its different functions. The 10-part series is available online http://bit.ly/1R1mPxm.
In addition to the video tutorials, NCUA hosted a webinar in February on how to use the system and complete the registration process. An archived version of this webinar is available here.
Additional information, including a user manual, instructions, quick guides, FAQs and supervisory guidance related to the changes in NCUA’s rules governing the relationship between credit unions and CUSOs are also available on the CUSO Registry page.
NCUA said it is encouraging CUSOs to begin the registration process as soon as possible to “fully utilize the technical assistance available to them. Early registration also will allow CUSOs to avoid any issues that may occur as users rush to complete their registrations by the deadline,” the agency stated.
Users can contact NCUA’s technical support desk at 1-800-827-3255 or csdesk@ncua.gov for assistance. The help desk is open from 7 a.m. to 8 p.m. Eastern, Monday through Thursday, and 7 a.m. to 6 p.m. on Friday.
The Freedom of Information Act and NCUA’s FOIA regulations will apply to the information CUSOs submit to NCUA, the agency stated. This means the following information found in a CUSO’s “general information tab” will be publically available and searchable starting in mid-2016:
- Legal name and any trade names;
- CUSO Registry number assigned by NCUA;
- Services offered;
- Address (physical, if different from mailing address);
- Public website address, if provided by the CUSO; and
- Public phone number, if provided by the CUSO.
Sensitive information, such as confidential commercial or financial information and trade secrets will be protected, NCUA explained. “Such information will be withheld under the applicable exemptions in FOIA and the agency’s own FOIA regulations,” NCUA said.
NCUA said that CUSOs that have already completed their registration are encouraged to review their submissions to ensure they do not have any non-public information in their general information tab.
In addition, NCUA said it plans to share CUSO-related information with state supervisory authorities that have signed written information-sharing agreements with the agency.
Finally, NCUA said it will make the public data provided by CUSOs available for download on its website, in a similar fashion as the quarterly Call Report data. NCUA added that it will provide additional information when this capability becomes available.
For more information on the CUSO Registry and the registration process, go to http://go.usa.gov/cGshk.