An official website of the United States government

News Español Contact Us

About
About
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.
Analysis
Analysis
The NCUA’s economists and analysts compile data on the credit union system’s financial performance, merger activity, changes in credit union chartering and fields of membership, as well as broader economic trends affecting credit unions. Users can find information on a single credit union or analyze broader nation-wide trends.
Support Services
Support Services
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.
Consumers
Consumers
The NCUA works to protect credit union members and consumers, raise awareness of potential frauds, facilitate access to affordable financial services, and educate consumers on the importance of savings and how they can improve their financial well-being.
News
News
Stay up to date on the NCUA's activities by subscribing to the NCUA's Express messages. Read press releases, speeches, testimony, and Annual Reports. Register for upcoming conferences and events.
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 Services

94-1105 / November 1994

CUSOTrust Services

Subject

CUSOs

Historic Status

Historic

November 22, 1994

Russell F. Hilliard, Esquire
10 Center Street
P.O. Box 1109
Concord, NH 03302-1109

Re: CUSO/Trust Services (Your October 21, 1994, Letter)

Dear Mr. Hilliard:

You have requested information from this office regarding applicable federal laws for a state chartered credit union investing in a trust company (owned by either other banks or credit unions) which would provide services to its members. The provisions of the FCU Act, Sections 107(7)(I) and 107(5)(D) relating to investments and NCUA Rules and Regulations, Section 701.27 relating to CUSOs apply directly only to FCUs. There is language in the Preamble to Section 701.27 which states that in certain situations the rule may apply indirectly to federally insured state chartered credit unions. 51 Fed. Reg. 10360, March 26, 1986. (copy enclosed). You would need to review your state statute to determine the applicability of this provision. We are not aware of any other applicable federal laws.

I hope that we have been of assistance.

Sincerely,

James J. Engel
Deputy General Counsel

GC/MFR:bhs
SSIC 3500
94-1105

Last modified on

11/14/24