Call report deadlines extended for 2nd, 3rd quarters

May 24, 2016 -- Extended call report deadlines for the second and third quarters of the year will give credit unions three additional calendar days to file the reports, NCUA announced Monday.

The second-quarter reports will now be due by 11:59:59 p.m. ET Monday, July 25 (extended from Friday, July 22); third-quarter reports will now be due by 11:59:59 p.m. ET Monday, Oct. 24 (extended from Friday, Oct. 21).

In a release, NCUA Board Chairman Rick Metsger stated that moving the deadlines back are first steps in the agency’s effort to improve data collection. “We’re giving credit unions a little more leeway for the next two quarters as we complete our study on a future deadline closer to the commercial bank deadline that preserves the key role NCUA’s examiners fill in the validation process,” Metsger stated.

Last week, the agency announced it will conduct a comprehensive review and modernization of Call Report and Credit Union Profile content, gathering information through a public comment-and-review process and creating an internal working group that will consult with stakeholders. According to NCUA’s release, that process could also include online surveys, focus groups, workshops and other forums. The agency will publish a request for information in the Federal Register in the near future, seeking public comments. Those comments must be received within 60 days of publication.