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The NCUA Board on Thursday issued a request for information (RFI) on its call report modernization efforts. During the meeting, attended by NAFCU, the board also released a proposal on involuntary liquidation and adopted its 2018-2022 strategic plan.

The board also received a briefing on the civil monetary penalty statutory inflation adjustment.

Call report modernization

During the board briefing on call report modernization, the agency summarized the work already completed, including the gathering of information through a public comment-and-review process on how it can modernize credit unions' call reports.

When discussing next steps, the NCUA announced an RFI to gather comments on whether additional account codes should be retired, if there is any additional information the agency should collect and how much lead time credit unions and their vendors need to prepare for additional changes. The RFI also solicits feedback on the prototypes developed for a streamlined call report form 5300 and profile form 4501A.

The RFI will have a 60-day comment period once published in the Federal Register. NAFCU will issue a Regulatory Alert on the RFI to seek member feedback.

The NCUA said the earliest implementation date for any changes would be March 2019.

Involuntary liquidation and claims procedures proposal

This proposed rule would amend the agency's regulation on involuntary liquidation to update and clarify the procedures for those federally-insured credit unions that enter involuntary liquidation. The proposal will have a 60-day comment period once published in the Federal Register.

More specifically, the proposal would amend the current rule's payout priority provision relating to severance claims. The change would clarify the application of the NCUA's regulation on golden parachute payments to severance claims submitted by employees of liquidated credit unions.

2018-2022 strategic plan

The NCUA's adopted 2018-2022 strategic plan highlights the NCUA's three goals: to ensure a safe and sound credit union system, provide a transparent and efficient regulatory framework and maximize its organizational performance.

The plan also summarizes the NCUA's analysis of the agency's programs and risks and the factors that impact its internal and external operations.

In December, NAFCU told the NCUA that while the association and its members generally support the outlined goals and initiatives, additional efforts should be made to reduce credit unions' regulatory burden and help address cybersecurity threats.

The board also approved its 2018 annual performance plan.