CUNA COMMENT CALL - NCUA Proposed Rule: Credit Union Reporting

CUNA
April 22, 2009 | COMMENTS

The National Credit Union Administration (NCUA) has issued a proposed rule to require federally-insured credit unions (FICUs) to submit reports and other important information to NCUA through a new web-based system.

The proposal would amend the existing regulations on reporting procedures and record retention requirements.

Additionally, the proposal would require FICUs to report changes in senior officials resulting from election or appointment and would clarify the requirements on when credit unions must file reports with NCUA online.

NCUA plans to implement the new system during the third quarter of this year for natural person credit unions, and sometime next year for corporate credit unions.

Comments are due to NCUA by May 26, 2009; please submit your comments to CUNA by May 15, 2009.

Please feel free to e-mail your responses to Senior Vice President and Deputy General Counsel Mary Dunn at mdunn@cuna.com and to Regulatory Research Counsel Luke Martone at lmartone@cuna.com . You may also contact us at 800-356-9655, ext. 6743, if you have questions. Click here to access the proposed rule.

> Read the Full CUNA Comment Call with Background & Questions to Consider