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Beginning Sept. 30, NCUA will require less information about credit union service organizations on insured credit unions' call reports, the agency said Monday. NAFCU welcomed the move and urged that more be done to ease credit unions' reporting burden.

NCUA Board Chairman Rick Metsger, in announcing the change, said the agency is working to make reporting easier and to make the 5300 call reports more informative, "and this is another part of that important process."

He added, "It's also part of my Continual Quality Improvement effort to find ways to streamline agency operations by looking at the nuts and bolts of agency operations and finding new ways, both large and small, to improve the NCUA's processes and programs."

Going forward, NCUA says, credit unions will only be required to submit aggregate CUSO loan and investment information on the call report. All other required information is now being collected directly from CUSOs through the agency's CUSO Registry.

In August, NAFCU wrote NCUA with an extensive list of specific and actionable recommendations from its members for call report modernization.

"We appreciate Chairman Metsger's effort to ease the call report process for credit unions, and we thank him and Board Member [J. Mark] McWatters for all their efforts in recent months – through changes in the call reports, examinations and more – to use existing opportunities for easing credit unions' regulatory burden," said Carrie Hunt, NAFCU's executive vice president of government affairs and general counsel. "We look forward to working with the board and hope the agency will continue to improve the call report process to achieve true modernization."

In May, NCUA announced a comprehensive review of call report and credit union profile content. An agency working group has been gathering information through a public comment-and-review process. NCUA has extended the reporting deadline for third-quarter call reports to Oct. 24.