WASHINGTON (12/29/11)--The National Credit Union Administration (NCUA) recently posted notice in the Federal Register that it will begin to gather information on large credit union financial statement, as well as their compensation and perks packages to board members.
The agency, in its Federal Register document, said that the request to monitor such trends among credit unions of $1 billion of more in assets is an extension of current authority. It added that the closer monitoring is necessary because problems at such large institutions would obviously mean a bigger hit to the National Credit Union Share Insurance Fund if trouble were to arise undetected.
The NCUA proposed that the large credit unions be tasked with reporting financials and board packages on a monthly basis so the agency can effectively monitor trends between onsite visits.
Comments will be accepted until Jan. 26.
See resource link for NCUA's Federal Register posting.