What activities and services are preapproved for CUSOs?

CFR · 2024-01-01 · US · Title 12

NCUA may at any time, based upon supervisory, legal, or safety and soundness reasons, limit any CUSO activities or services, or refuse to permit any CUSO activities or services. Otherwise, an FCU may invest in, loan to, and/or contract with only those CUSOs that are sufficiently bonded or insured for their specific operations and engaged in the preapproved activities and services related to the routine daily operations of credit unions. The specific activities listed within each preapproved category are provided in this section as illustrations of activities permissible under the particular category, not as an exclusive or exhaustive list. (a) Checking and currency services: (1) Check cashing; (2) Coin and currency services; (3) Money order, savings bonds, travelers checks, and purchase and sale of U.S. Mint commemorative coins services; and (4) Stored value products; (b) Clerical, professional and management services: (1) Accounting services; (2) Courier services; (3) Credit analysis; (4) Facsimile transmissions and copying services; (5) Internal audits for credit unions; (6) Locator services; (7) Management and personnel training and support; (8) Marketing services; (9) Research services; (10) Supervisory committee audits; and (11) Employee leasing services; (c) Electronic transaction services: (1) Automated teller machine (ATM) services; (2) Credit card and debit card services; (3) Data processing; (4) Electronic fund transfer (EFT) services; (5) Electronic income tax fili

official document · source cfr-2024 · id 12:§ 712.5