The NCUA announced a change to its Call Report cycle, one that CUNA and its Examination and Supervision (E&S) Subcommittee worked hard for to provide credit unions with regulatory relief in Call Report deadlines.
As of the Dec. 31, 2016, reporting cycle, federally insured, natural-person credit unions will have until the final Sunday of the month, following the end of the quarter, to file Call Reports, the National Credit Union Administration announced today. The NCUA noted that credit unions will now have, on average, an additional 7 days to file Call Reports.
CUNA has consistently asked the NCUA to modernize its Call Report requirements in ways that make the process more efficient both for credit unions and NCUA.
CUNA Chief Advocacy Officer Ryan Donovan said, “NCUA Chairman Rick Metsger identified upgrades to the Call Report system as one of his action priorities and this change helps move that commitment toward fruition. It provides needed relief to credit unions.”
Paul Gentile, who heads the CUNA E&S Subcommittee, commented, "We strongly support the extension of the call report deadline. These are the types of changes that provide real regulatory relief for credit unions, especially smaller credit unions that are dealing with a myriad of compliance deadlines in this busy regulatory environment. We urge the agency to continue to look for similar relief items." Gentile is president/CEO of the Cooperative Credit Union Association.
In its release Tuesday, the NCUA also said it may consider other options for setting future Call Report filing deadlines, such as using a fixed date like the 30th of the month, based on its experience with the changes announced today and other possible improvements to further streamline the process.
The agency’s review of the Call Report and Credit Union Profile content, announced in May, is still under way. There is more information online at NCUA’s Call Report Modernization webpage.