NCUA letters detail liquidity, e-reporting rules
Oct. 28, 2013 – NCUA on Friday released two Letters to Credit Unions that provide guidance on the agency’s final rules dealing with emergency liquidity needs and a requirement for all insured credit unions to file their call reports electronically.
Both final rules were approved by the agency board Thursday on votes of 3-0. Both take effect in 2014.
NCUA Letter 13-CU-10 addresses the liquidity and contingency planning rule. The rule is effective March 31. By then:
- All insured credit unions with assets of $250 million or more must apply for access to emergency liquidity from the Central Liquidity Facility or the Federal Reserve discount window.
- Credit unions with $50 million or more in assets must have a contingency funding plan showing strategies for addressing liquidity shortfalls in emergency situations.
- Credit unions with less than $50 million must have a written policy in place for managing liquidity, plus a list of contingent liquidity sources.
NCUA estimates that 374 credit unions will need to apply for CLF or discount window access.
Details on the agency’s final rule on electronic filing of call reports are in Letter 13-CU-11. NCUA is moving the reporting deadlines for 2014 back a couple weeks to give credit unions more time to file.
NCUA says fewer than 50 credit unions are expected to be affected by this change. Next year, 5300 filing deadlines for all credit unions are Jan. 24, April 25, July 25 and Oct. 24.
NCUA Letter 13-CU-10, emergency liquidity sources
NCUA Letter 13-CU-11, electronic filing of call reports