ATTENTION ONLINE CREDIT UNIONS
For those of you who work on your credit union’s 5300 Call Report, we want to be sure you are aware of the changes that the NCUA is proposing for the March 2022 cycle. The NCUA first hinted of significant Call Report changes back in late 2018 as part of their modernization efforts, but had been silent until the end of December 2021 when proposed March 2022 changes were posted on their Call Report Modernization page. The proposed changes are major and include many new/deleted/replaced Account Codes, Schedule changes and regulatory changes for RBC (risk based capital) and CCULR (Complex Credit Union Leverage Ratio) reporting.
Although we (and many others) have reached out to the NCUA to ask that the changes be delayed, it is important to start reviewing and preparing for these changes now. The way you are gathering information for the Call Report may need to change and any internal processes updated.
Our internal teams are actively reviewing and preparing for these changes. Once the NCUA confirms the proposed changes and Quarter 4 2021 Call Reports are complete, we will start updating the CU*BASE Tool with the NCUA’s changes so that we are ready for March 2022. We do anticipate that credit unions will need to adjust automation routines within the tool since so many of the Account Codes have changed, and there may even be some that will require manual calculations for a time, depending on what data is required for the calculation. For more information on what we are doing to prepare, as well as a highlight of the changes, refer to the Kitchen page.