Would credit unions have to collect the member profile information to submit to NCUA?
No, FCUs would not have to collect any information. NCUA would obtain the membership profile data from the AIRES share and loan downloads integrated with FCU operational systems. Q: What about credit unions that are not automated? A: NCUA will develop a method to obtain membership profile data from FCUs that are not automated that is not burdensome. In fact, any burden will be absorbed by the NCUA. Q: In the Board Action Memorandum, you note that “NCUA staff should develop an alternate method to obtain membership profile data from these FCUs that will not impose any regulatory burden and will significantly minimize any potential indirect costs or other hardship.” What type of costs and how much might be incurred? A: NCUA anticipates no costs or hardships to FCUs because of the data collection. FCUs that are not automated should not feel obligated to hire personnel or purchase equipment for the membership data collection. Q: Could you please review the timeline for implementation of the
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