ALEXANDRIA, Va.—Federal financial agencies should avoid altering certain data standards that apply to the 5300 Call Report or 4501A Profile, America’s Credit Unions wrote in comments filed with the NCUA.
The comments are in response to proposed standards to implement the Financial Data Transparency Act (FDTA), which requires agencies to issue joint data transmission standards and common identifiers, ACU noted.
“Changes to the existing schema used for transmitting the 5300 Call Report are not necessary to achieve the FDTA’s purpose of rendering data fully searchable and machine-readable,” wrote America’s Credit Unions Director of Innovation and Technology Andrew Morris. “As member-owned cooperatives, credit unions may report data differently than other financial institutions due to their unique regulatory features…the 5300 Call Report is tailored to meet the NCUA’s needs as a functional regulator of credit unions.”
Morris recommended that NCUA coordinate with the Federal Reserve to educate supervisory staff about the differences in reporting taxonomies and “explore solutions for automatically reconciling differences in data reporting where feasible.”
America’s Credit Unions said it believes any common standards or identifiers adopted in a final rule should be open, nonproprietary and operate under a free or low-cost licensing regime.