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NAFCU Statement In Response to NCUA's Call Report Announcement
Washington (Sept. 19, 2016) -- National Association of Federal Credit Unions (NAFCU)Senior Regulatory Affairs Counsel Michael Emancipator issued the following statement in response to the National Credit Union Administration's (NCUA)announcement that will require less information regarding credit union service organizations from credit unions on the agency's call reports.
"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.
In August, NAFCU wroteNCUA with an extensive list of specific and actionable recommendations from its members. NAFCU's recommendations for the call report modernization include leveraging technology and software solutions to streamline data entry and submission, removing data fields that do not pertain to safety and soundness, hosting routine training and guidance on the call report for credit unions and updating the call report to integrate information that credit unions already produce to help facilitate the reporting process for credit unions.
Going forward, 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 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.
The National Association of Federal Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation's federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance.www.nafcu.org.
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