The NCUA has approved a 30-day extension of the comment period for its proposed rule on credit union service organizations, Part 712.

The Board approved the proposed rule expanding the list of permissible activities and services for credit union service organizations at its January 2021 meeting.

The proposed rule would accomplish two objectives:

• expand the list of permissible activities and services for credit union service organizations to include originating any type of loan that a federal credit union may originate; and
• grant the Board additional flexibility to approve permissible activities and services.

The new comment due date will be published in the Federal Register. More information about the proposed changes to the agency’s credit union service organizations rule can be found here.