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News Now

Washington
Online CU data system to launch in third quarter
ALEXANDRIA, Va. (3/20/09)--Federally insured credit unions will be able to submit reports and information through a Web-based system expected to be deployed in the third quarter of this year. Corporate credit unions will be able to use the system starting in 2010, according to the National Credit Union Administration (NCUA). NCUA approved the system at its monthly board meeting Thursday. The system will replace the software NCUA currently uses. Credit unions unable to access online systems will submit their information via a paper form. NCUA will no longer issue software to submit the reporting data. All data will be submitted and viewed through an online Credit Union Profile and Call Report. NCUA also is proposing amendments to Sections 741.6, 748.1 and Appendix A to Part 749 in order to conform these regulatory provisions to the new online system, effective when the system is implemented. Section 741.6 would clarify when federally insured credit unions must update their Credit Union Profiles and add a provision addressing corporate credit unions and NCUA Form 5310. Section 748.1 would clarify the compliance report filing requirements for federally insured credit unions using the online system and those filing reports manually, and Appendix A to Part 749 would be updated to include the new Credit Union Profile form as a key operational record that credit unions should keep.


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