WASHINGTON (1/3/12)--The National Credit Union Administration (NCUA) said it would rescind its request that the Office of Management and Budget (OMB) allow the NCUA to collect monthly financial data and monthly executive and board compensation data from credit unions with at least $1 billion in assets.
The request was published in the Federal Register on Dec. 28 and reported by CUNA's News Now on Dec. 29. (See NCUA may gather monthly data on large CU financials)
The NCUA told CUNA that, after seeing CUNA's News Now story, the agency decided to rescind its request after further discussion that focused in part on the fact that the Dodd-Frank Wall Street Reform and Consumer Protection Act only requires executive compensation data for credit unions with $1 billion or more in assets to be collected annually.
The NCUA added that it is the agency's belief that the rescission is more in conformance with President Barack Obama's Executive Order to reduce regulatory reporting burdens where reasonable and appropriate.
The NCUA's withdrawal of its Federal Register request will be posted on OMB's website, and subsequently will be published in the Federal Register, likely within a week or two.
The Federal Register notice is expected to note that the request was withdrawn to reduce regulatory reporting burdens on credit unions subject to the information collection and that the agency has existing authority through supervisory action to require any high-risk credit unions to report the information on a monthly basis if deemed necessary and appropriate.