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Created by the U.S. Congress in 1970, the National Credit Union Administration is an independent federal agency that insures deposits at federally insured credit unions, protects the members who own credit unions, and charters and regulates federal credit unions.
Regulation & Supervision
Regulation & Supervision
The NCUA protects the safety and soundness of the credit union system by identifying, monitoring and reducing risks to the National Credit Union Share Insurance Fund. Backed by the full faith and credit of the United States, the Share Insurance Fund provides up to $250,000 of federal share insurance to millions of account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.
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The NCUA provides a number of support services to the credit union system, such as providing training, grants and loans, chartering, and field-of-membership services; maintaining the health and stability of Share Insurance Fund; managing the assets of failed credit unions; and providing emergency liquidity.
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Cybersecurity Resources
Cybersecurity Resources
Cyberattacks and cybersecurity vulnerabilities pose significant risks to the financial system. Because of vulnerabilities within the credit union industry and the broader financial system to potential cyberattacks, cybersecurity is one of the NCUA’s top supervisory priorities and a top-tier risk under the agency’s enterprise risk-management program.

CUSOTrust Authority

94-1107 / November 1994

CUSOTrust Authority

Subject

CUSOs

Historic Status

Non-historic

November 18, 1994

J. Angela Ables, Attorney at Law
201 Robert S. Kerr Avenue
Suite 600
Oklahoma City, Oklahoma 73102-4267

Re: 66 Financial Services, Inc. (Your October 28, 1994, Letter)

Dear Ms. Ables:

You have advised us that your firm represents 66 Federal Credit Union in Barnesville, Oklahoma and its CUSO, 66 Financial Services, Inc. The CUSO is in the process of applying for trust authority. You wish to determine if this is permissible under federal law and whether federal law would prevail over state law should there be a conflict in this area.

Section 701.27(d)(5)(ii) of NCUA's Regulations lists "trust services" as a permissible CUSO activity. NCUA regulates federal credit union investments in CUSOs but not the CUSO's directly. However, Section 701.27(e) further provides that a CUSO "must comply with applicable Federal, state and local laws." To the extent that a permitted CUSO activity is limited or curtailed by state law, state law is applicable.

I hope that we have been of assistance.

Sincerely,

Richard S. Schulman
Associate General Counsel

GC/MFR:bhs
SSIC 3320
94-1107

Last modified on

11/14/24