WASHINGTON (10/25/13)--In a packed Thursday open board meeting that addressed emergency liquidity and stress tests, National Credit Union Administration board members also approved a final rule addressing e-filing. They were briefed on proposed joint federal agency diversity standards for regulated financial institutions and a proposed interagency rule on loans in areas having special flood hazards.
The final e-filing rule approved by the agency will require all federally insured credit unions to file financial, statistical, and other reports and credit union profiles electronically using the NCUA's information management system or other electronic means specified by the agency.
The Credit Union National Association following the meeting urged the agency to provide assistance to those remaining credit unions if necessary in order to comply with the transition to all electronic filing of financial reports.
"All but a few dozen credit unions already file their financial reports electronically, and for those that do not have the capacity, our Office of Small Credit Union Initiatives is ready to assist. The change will save time and money, remove unnecessary paperwork and enable NCUA to report industry-wide data more quickly," NCUA Chair Debbie Matz said. OSCUI will offer up to $7,500 in funding available to credit unions that do not have a computer through its urgent needs grants program, and agency staff will also provide technical support to credit unions that need it.
The NCUA will also adjust its call report filing deadlines for 2014 to give credit unions more time to adjust to the new requirement.
A letter to credit unions detailing the regulation and providing guidance for credit unions will be released soon, the agency added. CUNA is also developing a final rule analysis for credit unions.
The rule will become effective on Jan. 1.
The agency on Thursday was also briefed on a joint agency proposed rule that would implement provisions of the Biggert-Waters Flood Insurance Reform Act of 2012. Specifically, the proposal would establish requirements with respect to the escrow of flood insurance payments, the acceptance of private flood insurance coverage, and the force-placement of flood insurance. The proposal also would clarify the agencies' flood insurance regulations with respect to other amendments made by the act and make technical corrections. The NCUA is accepting comment on the release until Dec. 10, and CUNA will develop a comment call on the proposal.
Joint standards for assessing diversity policies and practices were also discussed. The standards were detailed in a Wednesday joint agency release. (See Oct. 24 News Now story: Federal Regulators Propose Diversity Policies For FIs.) This joint agency proposal will be open for public comment for 60 days after it is published in the Federal Register.