June 9, 1998

Wayne Harubin, President
Credit Union of Denver
P.O. Box 261420
Lakewood, CO 80226-9420

Region V has forwarded to this office your request for reconsideration of our opinion that the proposed CUSO Internet services do not fall within the permissible services listed in §712.5 of NCUA's regulation. 12 C.F.R. §712.5. We have reviewed your request and it is denied. In addition, you asked that your request be forwarded to the NCUA Board for review. As a state chartered credit union, your credit union should file its request with the state regulator. NCUA's CUSO regulation only applies to federal credit unions. 12 C.F.R. §712.1.

Sincerely,

Sheila A. Albin
Associate General Counsel

GC/MFR:bhs
SSIC 3501
98-0620

cc: Mike Johnson, Reg. V