On Aug. 30, MCUL & Affiliates provided its comment letter to the NCUA regarding its proposal to amend its regulation to require all federally insured credit unions to submit call reports and other data to update its credit union profiles electronically using NCUA’s information management system or other electronic means specified by the NCUA. Filing manually will no longer be an option.
MCUL was generally supportive of the concept behind NCUA’s proposal to require electronic updates to credit union profiles and the filing of required reports under Parts 741 and 748. MCUL believes this requirement will provide some efficiencies and necessary cost savings, and acknowledges the eventual trends of technology. Because this proposed rule will directly impact some small-asset-size credit unions, MCUL encouraged the NCUA to expand its initiatives to provide free or low-cost laptops in a generous manner. The league also urged the NCUA to enhance its communications as well as its communication methods to include mailings and phone calls, so as to ensure that credit unions are aware of assistance programs and opportunities. MCUL strongly urged the NCUA to partner with and work through leagues to identify small institutions that need assistance with technology acquisitions or upgrades and to allow for a sufficient amount of implementation time to allow small credit unions to secure necessary funding and training. The MCUL’s Comment Letter can be found here.