Approval Process

How to Submit Requests

Corporate CUSOs should submit written requests for approval of the CUSO activities with supporting documentation to the attention of the Director of the Office of National Examinations and Supervision (“ONES”).

Requests may be submitted electronically via email to onesmail@ncua.gov; or

National Credit Union Administration
Office of National Examinations and Supervision
1775 Duke Street, Alexandria, VA 22314

CUSOs activity approval request packages should include, but not be limited to, the following information.

• A letter requesting approval of the specific CUSO activities with supporting documentation.
• Detailed description of each specific activity and/or service.

Note: Be specific in the describing the activity or service as some activities or services may be referred to generically but actually are a combination of different activities or services. For example, the term “item processing” can encompass a number of different check processing activities. Therefore, a request for item processing services must further detail each check processing activity included with the service.

• Background information on each specific CUSO activity. Who utilizes the activity; how this activity is appropriate for supporting the “normal course of business” for credit unions; how many credit unions use the service, or for newly proposed activities, how many users are projected to use the service; etc. Include all information deemed important that supports the CUSO’s activities.
• Detailed description of any existing regulatory requirements and surveillance related to the activity or service. Include a description of any standard control structure(s) surrounding each activity or service. For example, ACH is governed by NACHA rules and FRB operating circulars; standard controls include agreements, dual authorization, user, batch, and file limits, day-time constraints, etc.
• Detailed description of the risks associated with the activity and standard mitigating controls that would minimize or mitigate the risks.
• Description of necessary staff expertise and experience for managing these activities, services and associated risks.

Notification of Approval

Corporate credit unions or CUSOs requesting approval of service categories or activities will receive written notice of the activities that are approved. As required by the rule, the NCUA will also post approved CUSO activities on the website along with any related restrictions or reporting requirements.