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April 8, 2008 - State regulators and federally insured credit unions were recently informed about changes for the March 2008 Call Report Form in an April National Credit Union Administration (NCUA) Letter to Credit Unions.
In late 2009, NCUA plans to release an on-line version of the 5300 Call Report to replace existing software. In the interim, NCUA continues to update and enhance the current software and process. All account numbers are included on both the software and the hardcopy 5300 form for the March 2008 call report process. This improvement should eliminate reconciling problems between a credit union’s financial statement and NCUA’s 5300 Call Report.
The March 2008 changes also involve a number of computer requirements. Credit unions are encouraged to ensure they have the proper systems as outlined in the April 2008 letter. All credit unions with internet access will file electronically when the new online 5300 Call Report system is implemented in late 2009.
A complete list of all changes can be found here. To view the Letter to Credit Unions, click here.
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