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News Now

Washington
New CU reporting regs should treat training security concerns
WASHINGTON (5/29/09)—Although the Credit Union National Association (CUNA) supports the gains in efficiency, accuracy, and security that the National Credit Union Administration’s (NCUA) plan to modernize the credit union reporting system intends to create, CUNA has asked the NCUA to ensure that any potential deficiencies in software or personnel training will be addressed. In a recent comment letter, CUNA said that NCUA should grant credit unions the time needed to sufficiently train their employees on how to best use the new system, which will require federally-backed credit unions to submit their reports and other information to NCUA over the internet. According to NCUA’s proposed adoption schedule, natural person credit unions will adopt the new system during the third quarter of this year, with corporate credit unions set to adopt sometime in 2010. NCUA should also provide technical support, even if that support is only available during the early implementation stages of the new program. CUNA also supports NCUA policies that would ensure that the sensitive information held by federally-insured credit unions is properly secured throughout the reporting process. Use the resource link below to access the complete CUNA comment letter.


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