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MCUA Does Not Agree with NCUA That New Rule on Electronic Filing is Needed

Rather than moving ahead with a proposal to require electronic filing by all credit unions, the National Credit Union Administration (NCUA) should instead encourage these credit unions to move toward electronic filing in a reasonable time, with a new rule, the Missouri Credit Union Association (MCUA) said in a comment letter to the agency filed Sept. 3, 2013.

Currently, credit unions can file reports manually or electronically. At its July open board meeting, the NCUA proposed to drop the manual reporting option.

MCUA expressed it seems unlikely that the manual filings of 59 small credit unions place any kind of significant burden on NCUA’s resources, adding that those 59 should be given time to come into conformity appropriate to their individual situations.

MCUA also suggested that the agency’s Office of Small Credit Union Initiatives, if it is not already doing so, work with the state credit union leagues to identify these small credit unions so that they can receive additional assistance to file reports electronically.