adminThe National Credit Union Administration Board held its first open meeting of 2018 at the agency’s headquarters on Jan. 25 and unanimously approved two items:
- A proposed rule to clarify agency procedures for resolving severance claims arising from involuntary liquidations.
- The agency’s 2018-2022 Strategic Plan, which summarizes internal and external factors affecting its operations, evaluates programs and risks, and sets goals for the next five years, and the 2018 Annual Performance Plan, which provides specific direction for reaching those strategic goals.
The Office of Examination and Insurance briefed the Board on proposed changes to the Call Report, which are aimed at reducing reporting burdens. A request for information will be posted in the Federal Register for a 60-day comment period.
The Office of the General Counsel briefed the Board on inflation adjustments to civil monetary penalties, as required by federal law.
As part of a long-range effort to simplify filing of quarterly Call Reports, the NCUA is seeking public comment on proposed changes aimed at striking a balance between reducing burdens on credit unions and providing the agency with information necessary for supervision and data analysis.
“Call Report data is essential to the NCUA’s operations, and reporting is a significant responsibility for credit unions,” NCUA Board Chairman J. Mark McWatters said. “The agency has undertaken a comprehensive review of the Call Report to modernize and increase efficiencies. We hope that credit union stakeholders will review the proposed changes and continue to provide comments on this important and significant project.”
Comments on the proposed changes must be received within 60 days of publication of the agency’s request for information in the Federal Register. In the meantime, the proposed forms and instructions the agency is considering, as well as other information about the Call Report modernization program, are available on the agency’s dedicated webpage.
The proposed Call Report changes are the result of NCUA’s modernization program, begun in 2016, which included significant outreach to credit union stakeholders. The proposed changes would reduce the number of account codes in the 5300 Call Report by approximately 40 percent. Schedules would be reorganized, and instructions would be improved.
The agency will ask credit unions to consider these questions as they review the proposed changes:
- Is this a reduction in the reporting burden?
- Are any account codes slated for retirement still pertinent?
- Are the relocated account codes grouped logically?
- Should any schedules be expanded to assist in analysis based on new rules or accounting changes?
- Are the instructions adequate?
- How much time will credit unions need to make changes in their systems to adapt to Call Report changes?
- Are the other operational issues the NCUA should be aware of prior to implementing the proposed changes?
A slide presentation summarizing the proposed changes is available online here.
