THE FEDERAL CREDIT UNION ACT
Several key terms that are used throughout this report bear mention. The two most
significant related terms for subsets of “credit rating agencies” are “nationally recognised
statistical rating organisations” (NRSROs), which are regulated by the United States
Securities and Exchange Commission (US SEC), and “external credit assessment
institutions” (ECAIs), a term set forth in the Basel II framework.
The term “NRSRO” is defined in United States (US) legislation4
and is limited to credit rating
agencies that have applied for and been granted registration by the US SEC. This statutory
definition of NRSRO is cross-referenced extensively in US regulations as...