NCUA board moves forward with Call Report modernization

25542495_1752115101518706_2887136597949032630_oThe NCUA board of directors held their first meeting of 2018 yesterday. Notably, the board approved the agency’s strategic plan and issued a request for comments on Call Report modernization.

“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.”

The agency will hold a 60-day comment period after the request for information is published in the Federal Register. 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 web page. The proposed changes, according to NCUA, would reduce the number of account codes in the 5300 Call Report by approximately 40 percent.

The board also proposed a rule that would make revisions to severance claims when a credit union is involuntary liquidated.

The proposed rule would clarify the requirements for proof of a claim by an employee for pay or benefits—such as unpaid wages, sick time or vacation time—while making a distinction between employees’ claims and claims by a credit union executive that constitute a “golden parachute.”

For more information on yesterday’s meeting, visit NCUA’s website.

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