The NCUA will require less information from credit unions about credit union service organizations (CUSOs), starting with the Sept. 30 reporting cycle, the agency announced Monday. CUNA, in its letter on the call report process in August, requested the agency find methods such as this to reduce reporting burdens on credit unions.
“This regulatory relief is a victory for credit unions due to the advocacy efforts of the CUNA/League system,” said Andy Price, CUNA senior director of advocacy. “After CUNA conducted extensive outreach to our members to assist the NCUA in its reform efforts, we asked the NCUA to make this change and we’re appreciative of the agency’s actions today."
Going forward, credit unions will only be required to submit aggregate CUSO loan and investment information on the call report. All other information will be collected by the agency directly from its CUSO Registry.
According to the agency, this direct reporting will eliminate redundancy and increase data integrity while reducing reporting burden.
The NCUA previously announced that the reporting deadline for third-quarter call reports had been extended to Oct. 24.