NATIONAL CREDIT UNION ADMINISTRATION ISSUES PROPOSED RULE: CATASTROPHIC ACT REPORTING

WASHINGTON, Dec. 29 -- National Credit Union Administration has issued a proposed rule called: Catastrophic Act Reporting.

The proposed rule was published in the Federal Register on Dec. 29 by Melane Conyers-Ausbrooks, Secretary of the Board.

Summary: The NCUA Board (Board) is publishing this proposed rule to amend the requirements for federally insured credit unions (FICUs) to report catastrophic acts to the agency. By providing more time for FICUs to notify the agency of the occurrence of a catastrophic act and by eliminating the specific list of items to be documented, the Board expects the proposed rule to reduce the compliance burden and allow FICUs to focus their resources on recovery and core functions without compromising safety a...