Comments will be due April 2 on proposed updates to credit union call reports and profiles, as released by the National Credit Union Administration (NCUA) Board last week.
The “request for information” on the call report and profile – which, respectively, collect information about the financial condition of credit unions, and a credit union’s operations – are scheduled to be published in the Federal Register Wednesday. The RFI was published with a 60-day comment period.
In issuing the RFI, NCUA said the data fields have been reduced from the existing forms by 40% (for the call report) and 20% (for the profile).
With regard to the call report (Form 5300), NCUA said the 40% reduction in data fields resulted mostly from simplifying derivative schedules (the biggest reduction); streamlining lending related data collected; and reducing information for shares, liabilities, and off-balance sheet items. The agency said it has also “improved the organization” of the form in the areas of investment and lending schedules, and included “updates based on GAAP,” or those related to the new “current expected credit loss” (CECL) accounting standard (which goes into effect in 2020) for early adopters, and other GAAP changes.
Additionally, the agency is signaling that changes are still being considered to the risk-based capital (RBC) rule set to take effect next year. The form includes a separate schedule for risk-based capital, the agency said, “in case the rule is not delayed or repealed.”
On the profile (Form 4501A), the agency said the reduction of 20% was related to reduced checkbox (or attributes) options. Other changes include updating information requests (for “contemporary relevance”) for payment systems, information technology, and product and service categories.