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VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
The changes come as the NCUA has been working to simplify the risk-based capital requirements for eligible, complex credit unions (those with total assets over $500 million), and as part of its Call Report Modernization Initiative over the past five years.
The currently proposed Call Report reflects changes resulting from the final rule for the Complex Credit Union Leverage Ratio (CCULR) approved on Dec. 16, 2021, which amends the NCUA’s capital adequacy regulation to provide a simplified measure of capital adequacy for federally insured credit unions with assets over $500 million.
With a focus of enhancing the value of data collected from credit unions for off-site monitoring and pre-examination planning, the agency launched the NCUA Call Report Modernization Initiative in 2016. In addition to a more simplified and valuable process, the goal is to also reduce the reporting burden for credit unions.
The modernization initiative complements the NCUA’s Enterprise Solution Modernization Program, a multi-year effort to introduce evolving and secure technology solutions that support the agency’s examination, data collection and reporting efforts.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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