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NCUA Releases New Economic Analysis; Letter to CUs
Thursday, October 31, 2013 6:45 AM

The National Credit Union Administration (NCUA) has released a new economic video analysis for federally insured credit unions on the agency’s YouTube channel.

In the latest installment in the agency’s Economic Update series, NCUA’s Chief Economist John Worth provides commentary on the effects of the recent partial federal government shutdown and mid-October budget agreement on labor markets, consumer confidence and the interest rate environment.

On the recent fall in long-term interest rates Worth said, “While interest rates will remain relatively low while growth is weaker than expected, we think this will just be a delay in the ultimate re-adjustment of rates that credit unions need to be planning for.”

In addition to releasing a new economic analysis, the agency also issued a letter to federally insured credit unions, Electronic Filing of Call Reports and Extended Filing Dates for 2014.

On Oct. 24, 2013, the NCUA Board finalized a new rule requiring all federally insured credit unions to file quarterly Call Reports and Profile data electronically. The letter states that credit unions must use NCUA’s information management system or other electronic means specified by NCUA.

Paper filing is no longer permitted, and NCUA will no longer mail out paper Call Report and Profile forms. The agency says it is requiring electronic filing of Call Report and Profile information to reduce operating costs and promote environmentally responsible practices.

The letter also states that NCUA has adjusted Call Report filing deadlines for 2014 to provide more time for credit unions to file.

This rule will take effect in January 2014 when fourth-quarter Call Reports are due. The Electronic Filing of Call Reports and Extended Filing Dates for 2014 letter is available on NCUA’s website.