adminLSCU has learned from NCUA sources that this week’s NCUA Board meeting will feature a briefing on possible changes to the 5300 Call Reports. The 2016 NCUA Budget specifically added two full-time employees dedicated to a review of the 5300s, and now the outlines of what may be under consideration are becoming more clear.
One area coming into focus relates to NCUA saying it wants the 5300 to “look like TurboTax, meaning the credit union will fill out certain info and the form will auto-populate the appropriate questions so credit unions don’t have to spend time scanning through fields that are not pertinent to them. For example, if a credit union doesn’t do MBLs, they’ll never see the section on MBLs.”
It also seems that some of the changes will incorporate information requirements directly related to the new Risk-based Capital (RBC) and Member Business Lending (MBL) rules.
Finally, it is expected that NCUA will make a formal Office of Management and Budget (OMB) request to change the form, likely in June, which should give the industry an opportunity to comment on these issues later in the summer or fall to supply real credit union input and suggest real changes to NCUA.
LSCU will keep you updated as more is learned.
