(Updated Aug. 5, 2019)
The federal regulator of credit unions wants to add two questions to NCUA Form 4501A, Credit Union Profile, to evaluate industry-wide exposure to single- and multi-employer defined benefit plans, according to a Federal Register notice that invites comments from the public until Sept. 4.
Credit union industry risk exposure is a concern of the National Credit Union Administration (NCUA) not only for regulatory purposes, but for purposes of the agency’s role administering the federal fund that insures credit union member deposits (shares), the National Credit Union Share Insurance Fund (NCUSIF).
Federally insured credit unions are required to submit financial and non-financial data to the NCUA. The call report, Form 5300, is filed to report quarterly financial and statistical data to the regulator; and the Credit Union Profile, Form 4501A, is used to provide non-financial data relevant to regulation and supervision, such as the names of senior management and volunteer officials. (Information for the Credit Union Profile is reported through NCUA’s online portal, Credit Unions Online.)
NCUA says the change in the Form 4501A will not result in any change in the estimated burden hours per credit union for reporting.
The NCUA first published a notice for comment on this form change in late May. This second notice provides a brief, second opportunity for members of the public to comment while the agency awaits clearance under the Paperwork Reduction Act by the Office of Management and Budget (OMB).