Section 712.11 - What requirements apply to subsidiary CUSOs?(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.(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:(1) All applicable state laws and rules regarding CUSOs; and(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.(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. 78 FR 72549 , Dec. 3, 2013