​​Keeping Your Credit Union's Profile Updated Can Have a Big Impact

As part of NCUA's Call Report system, every credit union has a Credit Union Online Profile. The CU Online Profile contains critical information that must be updated at least quarterly to ensure accuracy. Profile data also includes information on management and officials, disaster recovery, emergency contacts, credit union service organizations, and information systems and technology information.

The importance of credit unions maintaining accurate and timely online profile information cannot be overstated. It is vital to the supervision of credit unions and the members they serve. It is also required by NCUA Rules and Regulations, Part 741.6(a)(1), which states:

Insured credit unions must submit to NCUA a Credit Union Profile, NCUA Form 4501 or its equivalent, within 10 days after an election or appointment of senior management or volunteer officials or within 30 days of any change of the information in the profile.

While credit union officials must review and certify their profile with every Call Report cycle, it may be necessary to complete interim updates to correspond with changes in staff and officials, among other situations at a credit union. Consider the following when certifying your profile:

  • Does your credit union's profile accurately reflect the date and type of the last supervisory committee audit? NCUA staff may use this information in preparing the scope for your upcoming exam or in determining compliance with regulations.
  • Is your branch information current? The importance of accurate branch information cannot be underestimated. In the case of a disaster, NCUA loads profile data, including branch information, into an incident management system to determine which credit unions' main offices and branches are affected.
    Efforts to assist members after a disaster may be hampered if branch locations are inaccurate. After a disaster, NCUA will contact the credit union's emergency-contact person listed in the profile to determine the credit union's operating status. Accurate information will assist NCUA in handling member phone calls through the Consumer Assistance Center.
  • Are staff and officials information up to date? Your regional office uses officials' contact information when sending correspondence by mail and email. It would be unfortunate for a former employee or official to receive correspondence because the contact information was not updated.

There are two other important reasons to keep CU Online Profile data current. First, with the recent rollout of the CUSO Registry, NCUA is using the CUSO section of the profile to validate the CUSOs registered in the system. Second, updated contact information is essential for NCUA to contact the appropriate IT security individuals when the agency receives sensitive cybersecurity information.

As you can see, the information contained in your credit union's profile can help not only the agency, but also your own credit union. Whenever there is a change in your credit union's leadership and operations, be sure to review and update your CU Online Profile.