The NCUA board approved a request for public comment, approved its strategic and performance plans and issued a proposed rule at Thursday’s board meeting. The board also received a briefing on a final civil money penalty inflation adjustment.
NCUA announced it will seek public comment on proposed changes designed as part of a long-range effort to simplify filing of quarterly call reports, changes that would reduce the number of account codes in the 5300 Call Report by approximately 40%.
In addition, schedules would be re-organized and instructions would be improved.
Credit union stakeholders will have 60 days to comment on the proposed changes, which are expected to be published in the Federal Register in the coming days.
The board also approved NUCA’s 2018-2022 Strategic Plan, which describes how the agency intends to adjust to change in the credit union system and incorporates a risk management framework to help the agency continuously identify, evaluate, and manage risk.
The agency intends to adopt new technology and analytical tools to improve its offsite monitoring; recalibrate its examination approach; and revise operations, priorities and structure to use its resources most effectively.
The agency’s 2018 Annual Performance Plan provides specific direction and guidance to implement the overarching objectives listed in the Strategic Plan.
It identifies three priorities among the performance goals:
Rulemaking activity at the meeting included: