NAFCU Regulatory Affairs Counsel James Akin wrote to the NCUA Friday regarding proposed changes to the agency’s Call Report. In the letter, Akin highlighted that the changes proposed are plentiful, and the NCUA has not provided sufficient communication beforehand to guarantee credit union industry readiness.
“NAFCU urges the NCUA to provide credit unions with more time to evaluate and prepare for these significant changes to the NCUA’s Call Report,” wrote Akin. “NAFCU and its member credit unions support the NCUA’s efforts to streamline the data collection process as well as reduce the regulatory burden and create cost-savings for credit unions.”
In the letter, Akin requested the NCUA continually update the Call Report and review potential changes to its reporting requirements, including:
- Removing the $50,000 reporting threshold for member business loans or commercial loans to a single member, which is exceptionally cumbersome to track and provides little value to the NCUA;
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