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NASHVILLE, Tenn.-In recent remarks to Tennessee and Kentucky credit union leaders, NCUA Chairman Dennis Dollar stressed the need for better off-site monitoring of credit unions following the September 11 attacks. He explained that the situation “points out once again that significant changes in the nation’s economy can happen suddenly and without warning.” Dollar noted that he realized most credit unions supported the quarterly call reports because of the link to the proposed 18-month examination cycle. “But all credit unions, regardless of their charter type or their assigned exam cycle, benefit from a stronger safety and soundness monitoring program and one which can do more of the monitoring off-site,” he added. Under the current regulation, all credit unions with more than $50 million in assets and state-chartered credit unions in seven states are required to file quarterly 5300 call reports. Others report semi-annually. The agency has also made the call reports more efficient by only asking credit unions to complete the applicable sections. Dollar emphasized that a more risk-based examination will more efficiently use NCUA’s and the state regulator’s resources. The comment period on NCUA’s proposal expires on November 3, 2001.

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