NAFCU requests CU input on NCUA electronic data collection
NAFCU is asking for feedback from members on questions regarding the information the NCUA collects electronically during credit union examinations and the overall data collection process. The NCUA Board introduced the request for information during its Oct. 19 meeting as it reviews the loan, deposit and investment information collected electronically during examinations.
In its Regulatory Alert sent to members Monday, NAFCU highlights the following:
- The NCUA is reviewing the loan, deposit and investment information that is collected electronically during examinations in an attempt to modernize, formalize and standardize data formats.
- The goals of this modernization effort include increasing consistency in the examination process, promoting agency efficiencies, reducing onsite time by streamlining data collection, improving data reliability and quality, enhancing the objectivity of examination conclusions and supporting the Exam Flexibility Initiative's longer examination cycle and other goals.
- The NCUA released its request for information to solicit feedback from interested stakeholders on the initiative, specifically to identify considerations and challenges that could arise in the adoption of a new standardized data format for loan, deposit and investment data.
NAFCU notes in its Regulatory Alert that despite industry consolidation, credit unions have grown in assets, loans, shares, membership and complexity in recent years. As a result, examiners often ask for additional reports and data electronically during examinations, though the NCUA has not defined a standard data structure and fields for different types of loans.
Member credit unions can submit comments to NAFCU on the request through its Regulatory Alert until Dec. 15. Comments are due to the NCUA by Jan. 2.
July 17, 20182018-07-17 14:00:00 2018-07-17 14:00:00 Preparing for the NAFCU Certified Risk Manager (NCRM) Designation Preparing for the NAFCU Certified Risk Manager (NCRM) Designation Online NAFCU email@example.com America/New_York public
Preparing for the NAFCU Certified Risk Manager (NCRM) Designation
FREE Live Webinar
Get daily updates.
Subscribe to NAFCU today.