The NCUA told Credit Union Times on Thursday that it has scrapped a proposal that would require credit unions to report the original appointment or election date of directors, a move that could have created bad publicity for those with long-tenured board members.
The proposal was part of a broader package of potential 5300 Call Report changes sent to the U.S. Office of Management and Budget, said NCUA Public Affairs Specialist John Fairbanks.
However, Fairbanks said that during the public comment period the NCUA realized the industry had concerns about the necessity of the proposed change.
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