Electronic Loan, Deposit and Investment Data Collection

Word CloudAs part of ESM program, data standardization will allow the agency to improve loan and deposit portfolio analytics during examinations. In 2017, the NCUA sought public comment on issues to be addressed by the electronic data modernization effort. The responses informed us about:

  • The extent to which federally insured credit unions can provide data electronically in a standard format, including any limitations or alternatives to consider.
  • Challenges and costs associated with providing a standardized data format.
  • Implementation strategies that reduce burden on credit unions without compromising the NCUA’s ability to safeguard the Share Insurance Fund.
  • Expectations on specific information security controls or assurances to safeguard electronic member, loan, deposit and investment data.

To review the request for information, visit the Federal Register's website. The comment period ended on January 2, 2018 and responses to the request for information are posted on our website. The NCUA also summarized the responses into a report.

After evaluating the written responses, the NCUA conducted a series of stakeholder outreach calls. This report focuses on the feedback received from conference calls with federally insured credit unions, core data processing vendors and offline vendors.

Generally, federally insured credit unions and vendors shared concerns on data security, the need for more clarity regarding the proposed data field list included in the Request for Information and implementation challenges that both the NCUA and the industry may face with an expanded and standardized data collection. They appreciated the agency's approach to outreach and enjoyed having the ability to provide feedback. Commenters recommended the agency continue this approach and provide further outreach, should this proposal move forward.

Contact

Office of Business Innovation
National Credit Union Administration
1775 Duke Street
Alexandria, VA 22314-3428
Email: BIMAIL@NCUA.gov

Last modified on
08/27/19