NCUA issues 60-day comment for Call Report changes

Sept. 5, 2018 -- Today, NCUA issued a request for comments on revisions to its call report. NCUA Form 5300, Call Report, is used to file quarterly financial and statistical data and NCUA Form 4501A, Credit Union Profile, is used to obtain non-financial data relevant to regulation and supervision such as the names of senior management and volunteer officials, and are reported through NCUA's online portal, Credit Unions Online. The Federal Credit Union Act requires the information be collected and prescribes the method for collection. 

In the comment call, the NCUA notes that the financial and statistical information is essential to supervise federal credit unions and monitor federally insured credit unions.

NCUA attributes the revisions to “the issuance of accounting standards codifications (ASC) by the Financial Accounting Standards Board, revised data selections to the current products and services offered by credit unions, and the removal of other elements deemed no longer necessary to maintain proper credit union supervision.” 

NCUA does not anticipate the revisions to alter the estimated burden hours necessary for credit unions to review the report instructions and complete the filing.

Comments are due Nov. 5, 2018.

LINK:
Agency Information Collection Activities: Proposed Collection; Comment Request; NCUA Call Report and Profile