NCUA's proposed changes to the Catastrophic Act Reporting Regulation.

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The N C U A Board is publishing this proposed rule to amend the requirements for federally insured credit unions to report catastrophic acts to the agency. By providing more time for federally insured credit unions to notify the agency of the occurrence of a catastrophic act and by eliminating the specific list of items to be documented, the Board expects the proposed rule to reduce the compliance burden and allow federally insured credit unions to focus their resources on recovery and core functions without compromising safety and soundness.

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