Credit Unions Gain Time to Report Catastrophic Events
Published Date: 12/29/2025
Proposed Rule
Summary
Federally insured credit unions (FICUs) will get more time to report catastrophic events to the National Credit Union Administration, and they won’t have to provide a long list of details anymore. This change helps credit unions focus on bouncing back quickly without extra paperwork. Comments on this proposed rule are open until February 27, 2026, so speak up if you have thoughts!
Analyzed Economic Effects
5 provisions identified: 5 benefits, 0 costs, 0 mixed.
Reporting deadline extended to 15 days
If you operate a federally insured credit union (FICU), you must now notify NCUA within 15 calendar days of a catastrophic act instead of the prior 5 business days. The change is written into the proposed revision of 12 CFR 748.1(b).
Centralized reporting to NCUA
If you operate a federally insured credit union, the proposed rule requires notifying "NCUA" rather than a specific regional director, so you may submit reports to a centralized agency intake. The Board says this is intended to modernize and streamline reporting.
Recordkeeping narrowed to basic facts
If you operate a federally insured credit union, the proposed rule would remove the prescriptive list of suggested record items (e.g., location, timing, loss amount, operational deficiencies) and instead require that a record be prepared that contains the basic facts of the event.
No significant impact on small credit unions
The NCUA certifies that the proposed rule will not have a significant economic impact on a substantial number of small credit unions; for this analysis the agency treats small credit unions as those with under $100 million in assets.
No new paperwork collection under PRA
The NCUA determined under the Paperwork Reduction Act that the proposed amendments do not create a new information collection or revise an existing information collection requirement.
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Key Dates
Department and Agencies
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