The federal regulator of credit unions is revising its call report and profile to bring it up to date with recent changes in accounting standards and other modifications in reporting requirements.
The National Credit Union Administration (NCUA) information collection is conducted with NCUA Form 5300, Call Report, for the quarterly filing of a credit union’s financial and statistical data; and NCUA Form 4501A, Credit Union Profile, which is used to obtain non-financial data relevant to regulation and supervision, such as the names of senior management and volunteer officials (reported via an online NCUA portal called Credit Unions Online).
NCUA, through a Federal Register notice, is giving notice of the reporting changes and inviting comments from the public until Nov. 5.
The changes are attributed to “the issuance of accounting standards codifications (ASC) by the Financial Accounting Standards Board [FASB], revised data selections to the current products and services offered by credit unions, and the removal of other elements deemed no longer necessary to maintain proper credit union supervision; including several pages of Schedule D, Derivative Transactions Report,” according to the notice. NCUA says the revisions will not change the estimated burden hours necessary for credit unions to review the report instructions and complete the filing. “The amount of data elements removed compared to those added negates the difference in burden,” the agency says.
The estimated burden estimate in the notice is based on 5,530 respondents (federal and state-chartered, federally insured credit unions) and an estimated four filings annually per respondent. NCUA estimates six burden hours per filing, with the total annual burden hours estimated at 132,720. This is down a bit from before due to the decline in federally insured credit unions from 5,954 to 5,530 as of March 2018, the notice says.