ALEXANDRIA, Va. (7/26/13)--A proposed rule that would require all federal credit unions to electronically file their financial, statistical and other reports was approved by the National Credit Union Administration on Thursday.
If the rule is adopted, the reports would have to be filed using the agency's information system or other means specified by NCUA. Manual filing would no longer be an option, the NCUA said.
A computer with internet access, and an e-mail address, is all that would be needed to comply with this rule, the agency stressed.
The proposed e-filing rule will be released for a 30-day comment period.
The agency today also proposed an Interpretive Ruling and Policy Statement addressing a minority credit union preservation program. Under the program, credit unions with high percentages of minority members and management (50% and above) would be eligible to receive minority credit union status from the agency.
This status would grant them access to NCUA Office of Small Credit Union Initiatives resources, including grant program eligibility.
The goal of the program, which is mandated by the Dodd-Frank Act, is to promote and preserve minority ownership in the credit union industry. The program should not create any new burdens or requirements for credit unions.
The agency also approved San Francisco FCU's application to expand its service area to persons and businesses in San Francisco and San Mateo counties. The community chartered credit union currently has 31,000 members and holds $832 million in assets.
Quarterly National Credit Union Share Insurance Fund statistics were also reported during the meeting.
The agency reported a total of nine credit union liquidations as of June 30, an increase from the four reported in the first quarter of 2013.
The total number of CAMEL code 3, 4 and 5 credit unions fell to 1,838 in the second quarter, down from the first quarter total of 1,897.
In total, the NCUSIF ended the second quarter of 2013 with $103.2 million in net income and an equity ratio of 1.27%.
For more NCUA meeting results, use the resource link.