NAFCU supports NCUA online filing proposal
NAFCU Regulatory Affairs Counsel PJ Hoffman
Sept. 4, 2013 – NAFCU, in a letter Tuesday to NCUA, said it supports the agency’s proposal to require all federally insured credit unions to file financial, statistical, and other reports electronically.
“NCUA has stated that only 59 of 6,753 federally-insured credit unions currently file manually,” wrote NAFCU Regulatory Affairs Counsel PJ Hoffman. “NAFCU applauds NCUA taking a proactive approach prior to this proposed rule to reach out to those that currently file manually and provide technical assistance and the resources necessary to file electronically.”
Hoffman said NAFCU hopes the change will allow for quicker data collection and “better accuracy.” NCUA has said making electronic filing mandatory will save $125 per manual filer per quarter just on call reports.