Gentile applauds NCUA’s move to review call report deadlines and extending the exam schedule
MALBOROUGH, MA (May 19, 2016) — During today’s open board meeting of the National Credit Union Administration, the first under the leadership of Chairman Rick Metsger, the agency conducted a board briefing on call report modernization.
The board will, from time to time, hold board briefings as a way to allow board members to engage in a discussion publicly before the rule-making process begins. Under the Administrative Procedures Act, the board is prohibited from discussing agency business or action items outside of a publicly noticed meeting. The ability for the board to publicly discuss issues as they are evolving will allow stakeholders to consider the discussions before the rule-making process begins.
As part of today’s briefing, discussion centered on moving the call report deadlines to align them with schedules similar to other agency regulators; plans to extend the examination cycle; as well as the system for reporting and storing credit union information.
Chairman Metsger announced NCUA’s intention to form a structured industry focus group to be led by Keith Morton. The discussion brought forth the expectation that the next two call report cycles will have relaxed deadlines while an appropriate review of deadlines can take place.
A list of questions will be published in the Federal Register with a 60-day comment period to allow stakeholders to provide feedback on the modernization process.
The Cooperative Credit Union Association has been advocating strongly for an extended exam cycle.
“This is a very positive development and very necessary. The credit union system continues to display tremendous health trends and deserves the option of an extended cycle like the banking sector now has. I applaud the Chairman for recognizing the regulatory relief value of extending the exam cycle,” said Paul Gentile, President/CEO of the Association.
Gentile went on to say, “”It’s refreshing to see NCUA discussing operational issues such as the call report deadlines and processes, as well as extending the exam cycle. These are meaningful relief efforts for credit unions of all sizes.The key is we need to move these to fruition and deliver these tangible reg relief benefits to the credit union system.”
About Cooperative Credit Union Association
The Cooperative Credit Union Association is a regional trade organization serving as the voice for nearly 180-member credit unions located in the States of Delaware, Massachusetts, New Hampshire, and Rhode Island. CCUA member credit unions hold combined assets in excess of $73 billion and serve a collective membership base of more than 4.7 million consumers. Last year, CCUA credit unions provided more than $500 million in direct financial benefits to their members and had a combined financial impact of over $5 billion on their states. For more information, visit www.CCUA.org