The NACUSO team had a great few days in Washington, D.C., connecting with many of our members, engaging with fintechs and CUSOs, and exploring pain points with credit union leaders. These conversations were invaluable, and we look forward to continuing them at our upcoming conference.
During our time in D.C., we met with all three NCUA board members—Chairman Kyle Hauptman, Board Member Todd Harper, and Board Member Tanya Otsuka. Additionally, we had productive discussions with NASCUS, which has been an excellent partner in advocating for a strong CUSO framework. NASCUS has expressed openness to working with us on developing a model CUSO regulation, reinforcing their commitment to collaboration. As part of our ongoing partnership, NASCUS will also be hosting the 2025 NACUSO Next Big Idea winner at their 60th Annual State System Summit.
Key topics on our agendas included:
- Modernization of Part 712.8 – Advocating for CUSOs to have the ability to compensate credit union executives serving on their boards, with appropriate disclosures and board approval, to attract top talent and expertise.
- Modernization of Part 712.5 – Pushing for a more flexible and dynamic approach to permissible CUSO activities, ensuring regulations keep pace with the evolving financial services industry rather than relying on a restrictive, outdated categorical list.
- Clearer Data from NCUA – Requesting improved transparency and access to comprehensive data on CUSOs to help credit unions make informed decisions.
- Removal of the 1% Investment Cap – Advocating for the removal of the arbitrary 1% cap on credit union investments in CUSOs, which limits opportunities for innovation and collaboration.
Join us in Las Vegas to learn more about our advocacy efforts and be part of the discussion. You won't want to miss Dare-eoke, our advocacy fundraiser and karaoke night!