Outreach and Data Collection Related to COVID-19 Impact

The COVID-19 pandemic is extremely unique in that a credit union’s status could deteriorate rapidly and it is important for us to determine the unique challenges each credit union is facing and how we as the insurer can provide assistance (e.g., liquidity related, partnering with other credit unions for operational items, etc.). Absent this data collection, we would be forced to rely on 5300 Call Report data where the outcomes of this pandemic would not reveal themselves for 6-9 months, which would result in a very reactive, impractical supervision approach. The information collected coupled with 5300 Call Report data and economic reports, will allow us to prioritize our workload to ensure we devote our resources to the credit unions posing the greatest risk to the insurance fund.

The latest form for Outreach and Data Collection Related to COVID-19 Impact expires 2020-10-31 and can be found here.