The National Credit Union Administration’s (NCUA’s) announced on Monday that credit unions will be required to provide less information regarding their service organizations for NCUA call reports.
In a statement issued by National Association of Federal Credit Unions (NAFCU), Senior Regulatory Affairs Counsel Michael Emancipator responded positively to the announcement, indicating that it was a constructive move towards data streamlining.
“NAFCU and our members believe the change announced by NCUA today is a good first step towards removing redundant information gathering on the call report but the agency should examine and adopt NAFCU’s full list of recommendations in order to provide additional relief,” said Emancipator.
Following the NCUA’s announcement, the only information required as a direct submission from credit unions for agency call reports will be aggregate CUSO loan and investment information, with all other data being pulled from the NCUA’s CUSO Registry.
NAFCU has submitted further recommendations to the NCUA intended to continue modernizing call report data compilation, including the use of new technology and software that could improve data entry and submission efficiency, deleting irrelevant data fields, providing credit unions with routine training and guidance on the call report, and revising the call report to include data that credit unions have already generated.