Request for Information: Enhancing and Streamlining Data Collection from Credit Unions

America’s Credit Unions supports the NCUA's efforts to modernize and streamline data collection and provides specific recommendations to reduce regulatory burdens. They advocate for simplifying the Credit Union Profile, standardizing efficiency ratios, implementing materiality thresholds, and clarifying various reporting requirements in the Call Report to ensure consistency and accuracy.

The commenter, representing a credit union, provides specific feedback on streamlining data collection by identifying redundant questions in the Profile and suggesting ways to simplify loan classifications. They advocate for reduced reporting burdens, more accurate burden estimates based on asset size, and the creation of a centralized FAQ to improve clarity.

An individual representing a credit union (or a related financial entity) argues that the NCUA should allow exact penny reporting in Call Reports. They contend that requiring rounded figures creates inefficiencies, reconciliation issues, and manual work for credit unions, auditors, and examiners.