Credit unions will have an additional three days to file second- and third-quarter call reports this year, the NCUA announced Monday. Second quarter call reports will be due by 11:59 p.m. (ET) on July 25, instead of July 22,, while third-quarter call reports will be due at 11:59 p.m. (ET) Oct. 24, instead of Oct. 21.
“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,” said NCUA Chair Rick Metsger.
The NCUA first discussed these changes at last week’s board meeting, as part of a larger board briefing on modernizing the call report. This is part of the agency’s Enterprise Modernization Program, which seeks to leverage technology and other changes to allow the NCUA to collect data from credit unions offsite.
These changes could eventually lead to an extended examination cycle, which CUNA strongly advocates, with efforts led by its Examination and Supervision Subcommittee whose members include credit unions and state credit union leagues.
The agency’s review of the examination process will also include online surveys, focus groups, workshops and a published request for information in the near future.
Metsger also announced the formation of an examination working group that will bring a recommendation within 120 days about extending to the examination cycle.