"Our concerns with the CUSO rule have been primarily related to [the] NCUA potentially stifling collaboration and innovation by placing additional burdens on both credit unions and CUSOs, when the total amount invested in CUSOs is only 22 basis points of industry assets," Antonini said. "By relying on data collected through the CUSO Registry and relieving credit unions of the detail reporting burden, we are pleased to see the NCUA easing the reporting burden on credit unions."

Andy Price, CUNA's senior director of advocacy and counsel, called this regulatory relief a victory for credit unions because of the advocacy efforts of the CUNA/league system.

"After CUNA conducted extensive outreach to our members to assist the NCUA in its reform efforts, we asked the NCUA to make this change and we're appreciative of the agency's actions today," he said.

NAFCU Senior Regulatory Affairs Counsel Michael Emancipator added, "NAFCU and our members believe the change announced by [the] NCUA today is a good first step toward removing redundant information gathering on the call report but the agency should examine and adopt NAFCU's full list of recommendations in order to provide additional relief."

The federal agency has required CUSOs to agree to provide information directly effective June 30, 2014, and registration for the CUSO Registry was held between Feb. 1, and March 31, 2016.

In May, the NCUA announced a comprehensive review of call report and credit union profile content. An agency working group has been gathering information through a public comment and review process. The NCUA has extended the reporting deadline for third-quarter call reports to Oct. 24.