04 NCAC 06C .0313 CREDIT UNION SERVICE ORGANIZATION (CUSO)
(a) For purposes of this Section, a "credit union service organization" is an entity defined in Paragraph .0101(21) of these Rules.
(b) The purpose of a credit union service organization is to provide revenue generating services of the highest quality to credit union members, credit unions, and others which are needed or wanted and can be provided efficiently and economically with a satisfactory overall rate of return on investment. It may provide, but is not limited to, any or all of the following functions or services:
(1) credit union operational functions including but not limited to, credit card and debit card services, ATM services, accounting systems, data processing, management training and support, payment item processing, record retention and storage, locator services, research services, debt collection services, credit analysis and loan servicing, and coin and currency services;
(2) family financial services including, but not limited to, financial planning, and counselling, including retirement counselling, estate planning and income tax preparation, developing and administering IRA and Keogh plans and other personnel benefit plans, and provision of trust services including acting as trustee or in other similar fiduciary capacities;
(3) acting as agent for the sale of liability, casualty, automobile, life, health, accident, title and other insurance;
(4) personal property leasing and development of leasing plans;
(5) other services, as determined by the Board of directors.
(c) A credit union may, either by itself or by agreement with other entities, form, invest in, or lend to a credit union service organization, within the limits specified by credit union law.
(d) A credit union investing in or lending to a credit union service organization must submit call reports or any other information upon request by the Administrator.
History Note: Authority G.S. 54‑109.2(b)(5); 54‑109.21 (4); 54‑109.21(14); 54‑109.21(25);
54‑109.22; 54‑109.27; 54‑109.82(2);
Eff. October 1, 1983.