Comments due Aug. 1 for modernizing NCUA data collection
June 7, 2016 – Comments on NCUA’s efforts to “modernize data collection for regulatory oversight of credit unions” are due Aug. 1, reflecting a 60-day “request for information” period published today in the Federal Register.
According to the agency, it is conducting a comprehensive review of the two vehicles it uses to collect information for regulatory oversight of federally insured credit unions: the 5300 Call Report and the Form 4501A Profile. “The overarching goal is modernizing content to (i) strengthen on-site examination and off-site monitoring by NCUA and state supervisory authorities, (ii) facilitate richer comparisons of institution and industry trends by other parties, and (iii) minimize the burden on reporting FICUs,” the agency wrote in its notice.
Additionally, the agency noted that it “plans a diverse outreach to inform modernization efforts with both general and specific input from all interested stakeholders.” The request for information, NCUA noted,“ represents the first step.”
More specifically, the agency stated that the RFI announces NCUA’s desire for “assistance in identifying the interrelated considerations and challenges associated with improving the Call Report and Profile.” It added that Input would be gathered through the open public review-and-comment process via workshops, focus groups, online surveys, and more. Target participants, the agency stated, include credit unions, leagues, trade associations, regulators, industry-related persons, and academics.