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| Proposed Call Report changes would create ‘Significant Burden’ |
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Proposed changes to the NCUA’s Call Report (Form 5300) - roughly 30 different changes in all - bring significant concern for America’s Credit Unions. Regulatory Advocacy Senior Counsel Luke Martone outlined issues for credit unions in comments filed with the NCUA Friday. Specifically, the proposed effective date and ensuring the NCUA adheres to the Notice and Comment process.
“Overall, we are concerned with the ever-increasing reporting requirements credit unions must adhere to; while each new requirement may be manageable on its own, the sheer number of them together creates significant burden for credit unions,” said Martone. “In addition, we question the need for increased reporting, such as the proposed requirement to report loans granted to credit union officials and senior executive staff year-to-date.”
America’s Credit Unions will continue to advocate on behalf of credit unions to ensure that the needs of their 140 million members are met.
Copyright 2024. America’s Credit Unions. (link) |
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