Congress Wary Over CUSOs 'Piggybacking' Tax Exemption.

Publication: Banking Wire

Publication Date: 24-JUL-06

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MEDIA, Penn. -- The threat of new regulations-and the compliance headaches that come with them-looms large for CUSOs, which have come under greater congressional scrutiny since the House Ways and Means Committee began examining the tax-exempt status of not-for-profit entities, including credit unions.

Of particular interest to the Ways and Means Committee: the ability of limited liability company CUSOs to provide non-members with services that credit unions are not permitted to offer.

Guy Messick, general counsel for the National Association of Credit Union Service Organizations (NACUSO), noted the House Ways and...

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