Agency seeks form changes reflecting new business loan rule

Changes to the NCUA’s quarterly call report and credit union profile – in particular, to capture information about member business loans/commercial lending – have been proposed by the agency in a Federal Register notice.

Comments about the changes are due Jan. 27.

The credit union agency’s new rule on member business loans took effect Jan. 1, and the changes requested in the Forms 5300 (Call Report) and 4501A (Credit Union Profile) are aimed at capturing “applicable data implemented” by the updated rule.

In its Dec. 28 notice (a submission for Office of Management and Budget Review), NCUA stated that changes to the forms “involve moving loan details to a separate page and revising the Call Report loans and business lending, and Credit Union Profile programs and services sections to reflect ‘commercial’ lending terminology.”

The agency stated that the amount of data elements removed compared to those being added have negated any program differences in regulatory burden. “Adjustments in the number (of) respondents are due to the decline of federally-insured credit unions,” the notice stated.

FR Notice/Submission for OMB Review; Comment Request (Forms 5300 and 4501A