The NCUA is prepared to publish a prototype of its revised Call Report forms for credit unions, Larry Fazio, the agency's director of the Office of Examination and Insurance said Thursday.
The prototype would reduce the number of data fields by about 40%, Fazio told the NCUA board at its January meeting.
Board Chairman J. Mark McWatters said that that NCUA staff spent an extraordinary amount of time soliciting comment from the credit union community.
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Replying to questions from the board, Fazio said that the call report form is smaller than a revised form recently issued by banking regulators. He added that he would expect that the NCUA will not have to make additional revisions to the call report for five to seven years.
In publishing the prototype in the Federal Register, the NCUA will solicit additional comments about the proposed report for 60 days.
The board also approved its updated strategic and performance plans.
In the performance plan, the agency said that during 2018, the agency will develop a pilot review programs for examination and supervision reports issued by examiners.
"The review program will provide increased assurance that the agency addresses all material issues effectively and consistently," the report states.
The pilot program will be instituted at select regions, with full implementation occurring during the next examination period.
The strategic plan also identified several risks the credit union industry must face— "cyber-security threats, interest rate and liquidity challenges, real estate and member business loan concentrations, and rapid changes in technology. "
The report restates the agency's goal of implementing a flexible examination cycle of up to 20 months and reducing the agency's presence in well-capitalized, well-managed credit unions.
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