NCUA Pulls Proposed Call Report Questions
The National Credit Union Administration (NCUA) is not going forward with proposed 5300 Call Report questions that would have required credit unions to provide information to NCUA on when board members first took office. NCUA initially said it needed the information to “assess” the longevity of board members. However, without further explanation from NCUA on how it would use the information, it was far from clear why the information was necessary. Credit unions could easily be concerned that NCUA was moving into term limits so it is positive that the questions were pulled. There will be revisions to the call report to collect more data on troubled debt restructurings effective December 2012.
December NCUA Board Meeting Agenda Released
The NCUA Board will convene for its last meeting of 2012 on December 6 and no major rulemakings are expected. The Board will consider a final rule regarding alternatives to credit ratings, as required under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Board will also consider a final rule regarding fidelity bond coverage for Federal credit unions. Additional actions expected involve two requests from Federal credit unions to convert to community charters and approval of the budget for the Temporary Corporate Credit Union Stabilization Fund.