Through its Enhanced Data Collection (EDC) initiative, FSRA is modernizing the way it collects data from credit unions. It will improve the utility of the data for risk assessment purposes in support of Principles Based Regulation (PBR).

EDC will bring about two primary changes for credit unions:

  1. The collection of instrument-level data, such as loans and deposits data.
  2. The migration of all existing and new data collections, including instrument-level data, into one channel.

An overview of the EDC initiative can be found at the following link: EDC Overview

The EDC system is expected to launch in Fall 2024. After that time, credit unions will be onboarded in order of size starting with the largest first. The largest credit unions can expect to be onboarded as early as October 2024. Small to mid-sized will be onboarded progressively throughout 2025 in order of size. The goal is to have all credit unions onboarded and reporting under EDC by the end of March 2026.

There are many benefits to this approach:

  • reduced burden through automated data collection
  • the potential for reduced capital requirements (for certain verifiably lower risk assets, beyond the current capital risk weightings)
  • improved Deposit Insurance Reserve Fund (DIRF) adequacy assessment
  • better data and reporting back to credit unions

FSRA’s EDC team is working with credit unions individually to help them prepare for the launch of EDC. As of April 2024, FSRA is actively engaging with all credit unions through a process known as Data Mapping and Technical Development (Data Mapping). This provides a dedicated forum for FSRA and credit unions to share information and track EDC readiness.

Regulatory and Risk Data Standard (RRDS)

The Regulatory and Risk Data Standard (RRDS) is the document that defines all data requirements for EDC in a standardized format. It contains information on the data points and how to report the data under EDC. This is a living document that will be updated periodically in the future. The current version of the RRDS (link below) is frozen for the duration of the onboarding phase so credit unions have a stable version to work with. The current version of the RRDS can be found here: RRDS Enhanced Dataset V5.1.7 [XLSX].

The data standard is a dictionary of data points that will ultimately improve data quality and make collecting, reporting and using the data more efficient for both FSRA and credit unions.

FSRA consulted with the Technical Advisory Committee (TAC) for Credit Union Data Strategy and Digital Transformation on EDC and the development of the Regulatory and Risk Data Standard. More information on the TAC process can be found here: Technical Advisory Committee (TAC) for Credit Union Data Strategy and Digital Transformation


The data will be collected by way of an automated system (EDC system) that collects the data from credit unions on a regular periodic basis.