Two forms now contained in one vehicle that collect credit unions’ financial and non-financial information would be split into two separate vehicles under a plan proposed by the federal regulator of the financial institutions.
The National Credit Union Administration (NCUA) is seeking comments for 60 days – until Oct. 8 – on splitting its Call Report (Form 5300) and its Credit Union Profile (Form 4501A) into two separate vehicles. The agency said in a notice published in the Federal Register Thursday that it is proposing the change “due to technology resources constraints that create different revision cycles.”
The revisions, the agency said, “are attributed” to the issuance of accounting standards codifications (by the Financial Accounting Standards Board [FASB]) and “other revisions needed to clarify the reporting for cash items.”
The agency said it is looking for specific comments on (among other things) ways to enhance the “quality, utility, and clarity” of the information to be collected by the forms, and use of automated collection techniques or other forms of information technology to collect the data.