Q: Who regulates credit union service organizations (CUSO) engaged in lending activities?
A: The state regulatory agency that chartered the CUSO may have supervision enforcement responsibilities for fair lending laws. The U.S. Department of Housing and Urban Development has enforcement authority for all entities involved in mortgage lending. The Consumer Financial Protection Bureau has authority to supervise CUSOs, especially those with assets in excess of $10 billion. The United States Department of Justice has supervisory and enforcement authority for entities or creditors involved in mortgage lending and other credit transactions subject to fair lending laws.
This Q&A was obtained from NCUA’s website, in a document entitled “NCUA Fair Lending Examination and Compliance Program for Federal Credit Unions,” which may be found here: