Federal Register - Credit UnionsProposalsTexas Relevant
Catastrophic Act Reporting
By National Credit Union Administration
Summary
• The NCUA Board is proposing a rule change to the reporting requirements for federally insured credit unions regarding catastrophic acts.
• The proposed changes aim to reduce compliance burden by providing more time for notification and eliminating the specific list of items to be documented.
Why It Matters for Texas Credit Unions
Relevant as it applies to all federally insured credit unions, including those in Texas.
Original Source Material
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 and soundness.