Board Action Bulletin
ALEXANDRIA, Va. (Jan. 25, 2018) – The National Credit Union Administration Board held its first open meeting of 2018 at the agency’s headquarters here today and unanimously approved two items:
The Office of Examination and Insurance briefed the Board on proposed changes to the Call Report, which are aimed at reducing reporting burdens. A request for information will be posted in the Federal Register for a 60-day comment period.
The Office of the General Counsel briefed the Board on inflation adjustments to civil monetary penalties, as required by federal law.
As part of a long-range effort to simplify filing of quarterly Call Reports, the NCUA is seeking public comment on proposed changes aimed at striking a balance between reducing burdens on credit unions and providing the agency with information necessary for supervision and data analysis.
“Call Report data is essential to the NCUA’s operations, and reporting is a significant responsibility for credit unions,” NCUA Board Chairman J. Mark McWatters said. “The agency has undertaken a comprehensive review of the Call Report to modernize and increase efficiencies. We hope that credit union stakeholders will review the proposed changes and continue to provide comments on this important and significant project.”
Comments on the proposed changes must be received within 60 days of publication of the agency’s request for information (opens new window) in the Federal Register. In the meantime, the proposed forms and instructions the agency is considering, as well as other information about the Call Report modernization program, are available on the agency’s dedicated webpage.
The proposed Call Report changes are the result of NCUA’s modernization program, begun in 2016, which included significant outreach to credit union stakeholders. The proposed changes would reduce the number of account codes in the 5300 Call Report by approximately 40 percent. Schedules would be reorganized, and instructions would be improved.
The agency will ask credit unions to consider these questions as they review the proposed changes:
A slide presentation summarizing the proposed changes is available online here (opens new window).
The NCUA’s 2018-2022 Strategic Plan, approved by the Board, describes how the agency intends to adjust to change in the credit union system and incorporates a risk management framework to help the agency continuously identify, evaluate, and manage risk.
The NCUA’s three strategic goals described in the five-year plan are:
The agency is adopting new technology and analytical tools to improve its offsite monitoring; recalibrating its examination approach; and revising operations, priorities, and structure to use its resources most effectively.
The agency’s 2018 Annual Performance Plan provides specific direction and guidance to implement the overarching objectives listed in the Strategic Plan. The annual plan describes how the strategic goals will be reached and how the agency will monitor progress and identifies three priorities among the performance goals:
The 2018-2022 Strategic Plan, the companion 2018 Annual Performance Plan, and previous plans are available online here.
The process for credit union employees to make severance claims following involuntary liquidations would be revised by a proposed rule (Part 709) approved by the Board.
The proposed rule would clarify the requirements for proof of a claim by an employee for pay or benefits such as unpaid wages, sick time or vacation time while making a distinction between employees’ claims and claims by a credit union executive that constitute a golden parachute.
Comments on the proposed rule, available online here (opens new window), must be received within 60 days of publication in the Federal Register.
The Board approved a final rule (Part 747) to amend its regulations and adjust for inflation the maximum amount for civil monetary penalties under its jurisdiction, as required by federal law.
The Federal Civil Penalties Inflation Adjustment Act Improvement Act of 2015 requires agencies to make annual adjustments and publish them in the Federal Register no later than January 15. The Act requires agencies to adjust the maximum amounts of civil monetary penalties to account for inflation. The Act does not require NCUA to assess the maximum penalty level, and the agency retains discretion to assess at lower levels, as it has done historically.
To make the adjustments required by law, the Board approved the final rule by notation vote on Jan. 9, 2018. The final rule, which became effective January 15, is available online here (opens new window).
The NCUA tweets all open Board meetings live. Follow @TheNCUA (opens new window) on Twitter, and access Board Action Memorandums and NCUA rule changes at www.ncua.gov. The NCUA also live streams, archives and posts videos of open Board meetings online.
As Prepared for DeliveryThank you for joining me here today. President Biden’s American Rescue Plan was…
Program created by President Biden’s Inflation Reduction Act provides up to 20-percentage point credit boost…
WASHINGTON — Acting Comptroller of the Currency Michael J. Hsu today issued the following statement…
WASHINGTON — The Financial Stability Oversight Council (Council) today released its Report on Nonbank Mortgage…
WASHINGTON – Today, U.S. Secretary of the Treasury Janet L. Yellen convened a meeting of…
WASHINGTON – The U.S. Department of the Treasury announced today its intention to conduct a…