{"data":{"id":"us/12-cfr-712.11","jurisdiction":"us","citation":"12 CFR 712.11","heading":"What requirements apply to subsidiary CUSOs?","body":"(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.\n(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:\n(1) All applicable state laws and rules regarding CUSOs; and\n(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.\n(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.","path":["Title 12—Banks and Banking","CHAPTER VII—NATIONAL CREDIT UNION ADMINISTRATION","SUBCHAPTER A—REGULATIONS AFFECTING CREDIT UNIONS","PART 712—CREDIT UNION SERVICE ORGANIZATIONS (CUSOs)"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-12.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:24:16Z","sha256":"12de26b11970453d860918f833ac350cc4afdc920c0ce885c4161ac4272077e0","source_id":"us-cfr","stale":true,"prev":"us/12-cfr-712.10","next":"us/12-cfr-713.1"},"notice":"GroundRules: Original legal text. Not legal advice."}