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The reduced compliance burden, as a result of new NCUA rules introduced during the regulator’s May 24 board meeting, is worth $8 million to federally insured credit unions.

According to statistics published in the Board Action Memorandum that introduced the final rules on troubled debt restructured loans, federally insured credit unions currently spend an average of 15 minutes per month manually calculating and reporting the past due status on each TDR loan. Unlike other loans, TDRs must currently be reported as delinquent until six consecutive on-time payments are made, even if payments are current.

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