On Aug. 2, RUS CB proposed rules for credit consumer cooperatives.
RUS CB proposed ord on the application by credit consumer cooperatives, agricultural credit consumer cooperatives, and housing savings cooperatives of certain regulatory acts of RUS CB concerning accounting and financial reporting issues.
Consultation documents are only available on RUS CB website until comment deadline.
The ord is introduced due to the decision RUS CB to postpone the start date for credit consumer cooperatives, agricultural credit consumer cooperatives, and housing savings cooperatives (collectively referred to as cooperatives) to apply the regulatory acts.
These regulatory acts govern accounting procedures for non-credit financial firms.
It was noted that the purpose of developing the draft ordinance is to change the start date for cooperatives to apply certain regulatory acts of RUS CB to Jan. 1, 2027.
Effectiveness
Comments and feedback are expected by Aug. 15, 2024 and from the date of entry into force ordinance 5895-U on application of certain regulations of RUS CB on accounting and accounting statements and ordinances amending it are invalidated.
Nov. 2024 Ord Issued
On Nov. 18, 2024, RUS CB issued ord 6888-U which enters into force on Jan. 1, 2025.
Regulators
RUS CB
Entity Types
Auditor; Bank; CU
Reference
PR 11/18/2024; Ord 6888-U, 10/2/2024; CP, 8/2/2024; Ord 5895-U, 8/19/2021
