ALEXANDRIA, Va. (June 7, 2016) – Stakeholders throughout the credit union system may provide input on ways the National Credit Union Administration can modernize and improve its Call Reports, with the publication of a request for information in the Federal Register today.
“To do our job properly, NCUA needs to regularly capture credit union material-risk exposures through our Call Reports,” NCUA Board Chairman Rick Metsger said. “At the same time, we need to identify areas where we can reduce or eliminate unnecessary reporting burdens, especially for smaller and non-complex credit unions. This request for information is a critical first step in making our data collection systems better and more efficient. I, therefore, look forward to hearing the thoughts of all interested parties in the credit union system.”
At its May open Board meeting, NCUA announced that it would conduct a comprehensive review and modernization of content in the Call Report and Credit Union Profile. NCUA will gather information through a public comment-and-review process and will create an internal working group that will consult with stakeholders. The process could also include online surveys, focus groups, workshops and other activities.
In its request for information, available online here, NCUA is seeking stakeholder input in several specific areas, including:
- What specific areas of the Call Report and Credit Union Profile do users find challenging;
- What sections or items could be made optional for small or non-complex credit unions without compromising the agency’s ability to assess risk in these institutions;
- What items could be added to the reports to enhance the agency’s analysis of the system’s performance trends;
- What areas of regulatory reporting align with a credit union’s internal accounting and what areas do not;
- How the Call Report and Credit Union Profile could be reorganized to reduce credit unions’ reporting burden; and
- What additional suggestions or ideas do credit unions have for collecting financial and non-financial information.
Stakeholder comments must be received by 5 p.m. Eastern on Monday, August 1. For additional information or to submit a comment, go to http://go.usa.gov/cSuuT.