CFR 12-712.10-2013 Banks and banking. Part712:Credit union service organizations (cusos). Section712.10:How can a state supervisory authority obtain an exemption for state chartered credit unions from compliance with § 712.3(d)(3)?
(a) The NCUA Board may exempt federally insured credit unions in a given state from compliance with § 712.3(d)(3) if the NCUA Board determines the laws and procedures available to the supervisory authority in that state are sufficient to provide NCUA with the degree of access to CUSO books and records it believes is necessary to evaluate the safety and soundness of credit unions having business relationships with CUSOs owned by credit union(s) chartered in that state.
CFR 12-712.10-2013 history
2013CFR 12-712.10-2013 Banks and banking. Part712:Credit union service organizations (cusos). Section712.10:How can a state supervisory authority obtain an exemption for state chartered credit unions from compliance with § 712.3(d)(3)?