WASHINGTON — The presidents of the two national credit union trade associations said they were disappointed with the NCUA board's 2-1 decision on Thursday to pass rules changes that increased the amount of data collected.
CUNA President Dan Mica said that the changes are "unnecessary" and burdensome, given the nation's economic difficulties.
Mica praised the board, however, for listening to CUNA's concerns and crafting the rules to assure credit unions that the data won't be used to create report cards and that the rules won't take effect until Jan. 1.
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NAFCU President Fred Becker agreed that the rules create an additional regulatory burden on credit unions but also said they are unnecessary given credit unions' long history of meeting their objectives of providing financial services to a broad range of individuals.
Becker said the existing data show that credit unions are clearly outperforming banks and thrifts when it comes to serving underserved populations.
As a result of the board's action, federal credit unions will have to submit additional data about the financial characteristics of their members and the services they provide to them.
NCUA would collect membership profile data during its regularly scheduled examinations of credit unions and collect data on financial services as part of the 5300 Call Report. NCUA would publish the membership profile and financial services data on an aggregate basis in its annual report.
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