ALEXANDRIA, Va. — The NCUA will compile 5300 Call Report data for a membership profile and report additional data on the financial services they provide them, as a result of a policy change approved Thursday by the agency's board.
Following nearly 90 minutes of discussion and questions of staff members, the board voted 2-1 to adopt the recommendations of its Outreach Task Force.
NCUA will 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.
Much of the data are already collected by those credit unions but NCUA would now be in a position to compile and analyze the data and use it when making determinations about issues such as the charter status of individual credit unions.
NCUA Board Chairman JoAnn Johnson said there are “long-term benefits that outweigh the anxiety raised” by some credit unions and their trade associations about regulatory burden.
She and NCUA Board Member Gigi Hyland voted for the policy changes and Board member Rodney Hood opposed them.
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