12 CFR 712.11
§ 712.11 What requirements apply to subsidiary CUSOs?
United States · 12 CFR — Banks and Banking · Status: effective
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- Citation
- 12 CFR 712.11, § 712.11 What requirements apply to subsidiary CUSOs?, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/48610
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Full text
(a) FCUs investing in a CUSO with a subsidiary CUSO. FCUs may only invest in or loan to a CUSO, which has a subsidiary CUSO, if the subsidiary CUSO satisfies all of the requirements of this part. The requirements of this part apply to all tiers or levels of a CUSO's structure.
(b) FISCUs investing in a CUSO with a subsidiary CUSO. FISCUs may only invest in or loan to a CUSO which has a subsidiary CUSO, if the subsidiary CUSO complies with the following:
(1) All applicable state laws and rules regarding CUSOs; and
(2) All of the requirements of this part that apply to FISCUs, which are listed in § 712.1. The requirements of this part that apply to FISCUs apply to all tiers or levels of a CUSO's structure.
(c) For purposes of this section, a subsidiary CUSO is any entity in which a CUSO has an ownership interest of any amount, if that entity is engaged primarily in providing products or services to credit unions or credit union members.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.