NCUA Removes CUSO Registry Requirement From Call Reports

According to a report from the National Credit Union Administration released yesterday, Call Reports are about to get simpler.

Beginning with the Sept. 30 reporting cycle, the National Credit Union Administration will require less information from credit unions about credit union service organizations on Call Reports.

“NCUA is working to make reporting easier and Call Reports more informative,” NCUA Board Chairman Rick Metsger said, “and this is another part of that important process. It’s also part of my Continual Quality Improvement effort to find ways to streamline agency operations by looking at the nuts and bolts of agency operations and finding new ways, both large and small, to improve the NCUA’s processes and programs.”

Going forward, credit unions will only be required to submit aggregate CUSO loan and investment information on the Call Report. All other required information is now being collected directly from CUSOs through the agency’s CUSO Registry.

Direct reporting eliminates redundancy, increases data integrity, and reduces credit unions’ reporting burdens. It also improves data quality, as CUSOs are in the best position to provide accurate and timely information.

NCUA has required CUSOs to agree to provide information directly to the agency effective June 30, 2014, and registration for the CUSO Registry was held between Feb. 1 and March 31 this year.

Click here for more on the reporting change, from NCUA.

Questions about this story? Contact Eric Horvath: 503.350.2222, ehorvath@nwcua.org.

Posted in Advocacy News, Federal, NCUA, NWCUA.