Credit unions have a say in how the NCUA is revising key forms it uses to supervise federally insured credit unions. Be sure your voice is heard!
The National Credit Union Administration (NCUA) has been reviewing the two channels it uses to collect information for regulatory oversight of federally insured credit unions (FICUs): The 5300 Call Report and Form 4501A Profile. The changes are intended to reduce credit unions' reporting burden and allow more off-site reviews by examiners.
The NCUA's Request for Information seeks comments on prototypes of streamlined:
Call Report forms
The NCUA’s prototype streamlined Call Report retires 1,017 account codes, most of which are no longer needed, but some would be collected through other means, such as the exam process. It also adds 413 new account codes to accommodate necessary changes, such as FASB’s Current Expected Credit Losses accounting standard and for NCUA’s Risk-Based Capital rule currently scheduled to go into effect January 2019. The result is a net reduction of account codes by 40%. The Call Report schedules are also reorganized by programs, and the instructions have been improved.
The 4501A Profile underwent a similar review and redesign, eliminating about 150 data elements and attributes.
You can help us provide feedback to NCUA about:
- the adequacy of instructions provided as part of the revisions
- the relevancy and grouping of account codes
- schedule expansion based on new roles or accounting changes
- operational issues that NCUA should consider as part of revisions
- whether these revisions offer a meaningful reduction in reporting burden
Already slated to share feedback with The League are:
- David Murphy, Internal Audit Manager, Marshfield Medical Center Credit Union
- Keith Peterson, CFO, Summit Credit Union
- Karen Piehl, VP of Operations, Ripco Credit Union
- Ashley Mandermause, CFO, UnitedOne Credit Union
But we need more to provide input!
We'll need your feedback by March 19 to incorporate your views in a letter The League will submit by the NCUA’s April 2 comment deadline. You can also submit your thoughts directly to NCUA.
Our Open Comment Calls page has all the details on providing input.
The League strongly encourages all credit unions to participate in regulatory advocacy - particularly the comment process - to positively shape their operating environment and remove barriers to serving members.
The call report modernization project started two years ago, and The League submitted suggestions for improvements in 2016.
Wisconsin credit unions come together as a single League to Unite for Good; we remove barriers, increase awareness and foster service excellence. All of these steps help more Americans to see credit unions as their best financial partner and regard their credit union as their primary financial institution. Read more articles in our Unite for Good series.