Agency wants to revise ‘Profile’ with new questions about credit union benefit plans

Two questions intended to evaluate industry-wide exposure to employer-defined benefit plans will be added to credit union quarterly reports, according to a proposal by the institutions’ federal regulator.

In filings Tuesday with the Federal Register, the National Credit Union Administration (NCUA) outlines its plan to revise its Form 4501A – “NCUA Profile,” which is used to gather non-financial data which the agency said is relevant to regulation and supervision (including names of senior management and volunteer officials)  – to include the questions related to single- and multi-employer defined benefit plans.

However, the agency’s notice in the Federal Register provides no other details about the questions, other than to say that the financial and statistical information the agency gathers from the form “is essential to NCUA in carrying out its responsibility for supervising federal credit unions.”

The proposed revision will be out for comment for 60 days, NCUA said.

Agency Information Collection Activities: Proposed Collection; Comment Request; NCUA Profile