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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.
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Responsibility of Supervisory Committee to CUSO

98-1119 / November 1998

Responsibility of Supervisory Committee to CUSO

Subject

CUSOs

Historic Status

Non-historic

Gwen Olsson, Chair, Supervisory Committee
Kitsap Community Federal Credit Union
1025 Burwell Street
Bremerton, WA 98337

Re: Responsibility of Supervisory Committee to CUSO, Your letter dated November 4, 1998.

Dear Ms. Olsson:

You have asked several questions relating to the responsibilities of a federal credit union's (FCU's) supervisory committee to the FCU's wholly owned Credit Union Service Organization (CUSO). The questions you have raised are not specifically addressed in the Federal Credit Union Act or NCUA's Rules and Regulations. We suggest you consult with the FCU's attorneys and accountants to obtain their interpretation concerning the legal obligations and potential liability of the FCU's board of directors and supervisory committee with respect to the CUSO.

Sincerely,

/s/

Sheila A. Albin
Associate General Counsel

GC/MFR:bhs
SSIC 3000
98-1119

Last modified on

11/14/24