CUSO Registry Information No Longer Necessary on Call Reports
ALEXANDRIA, Va. (Sept. 19, 2016) – 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.
In May, NCUA announced a comprehensive review of Call Report and Credit Union Profile content. An agency working group has been gathering information through a public comment-and-review process. NCUA has extended the reporting deadline for third-quarter Call Reports to Oct. 24.
The announced changes to the Call Report came on the fifth anniversary of NCUA’s Regulatory Modernization Initiative. The initiative aims to strengthen the agency’s regulations to address safety-and-soundness risks and streamline the agencies rules, where possible, to reduce burdens. Since its inception, the initiative has resulted in 24 actions to cut red tape (opens new window) and provide lasting benefits to credit unions of all sizes.