CUNA Regulatory Comment Call


September 23, 2005

Call Reports

EXECUTIVE SUMMARY

Please feel free to fax your responses to CUNA at 202-638-7052; e-mail them to Senior Vice President and Associate General Counsel Mary Dunn at mdunn@cuna.coop and to Senior Assistant General Counsel Jeff Bloch at jbloch@cuna.coop; or mail them to Mary and Jeff in c/o CUNA’s Regulatory Advocacy Department, 601 Pennsylvania Avenue, NW, South Building, Suite 600, Washington, DC 20004-2601. You may also contact us at 800-356-9655, ext. 6732, if you would like a copy of the proposed rule, or you may access it here.

BACKGROUND

NCUA proposes to revise the rules governing the filing of the Call Reports. Before they were revised in 2002, federally insured credit unions with assets over $50 million were required to file a quarterly report with NCUA. Smaller credit unions were permitted to file these reports semiannually. The 2002 revisions require that all federally insured credit unions file a quarterly Call Report, although credit unions with less than ten million dollars in assets have the option of filing a short form in the first and third quarters.

BRIEF DESCRIPTION OF THE PROPOSED RULE

The proposed rule will require all federally insured credit unions to file the same quarterly Call Report form, which has now been revised. The revised Form 5300 consolidates information, reduces the number of schedules, and is designed to be easier to read and used. NCUA plans to begin using the new form in September 2006. Because of these revisions, NCUA believes the current short form is no longer needed.

NCUA believes this new form will provide the following benefits for credit unions:

NCUA believes the new format will provide benefits to the agency. By eliminating the short form, NCUA only has to maintain one 5300 Form, which will improve efficiencies and reduce the likelihood of errors. NCUA also believes that the distribution of the form will reduce printing and mailing costs.

For a copy of the new Form 5300, click here.

QUESTIONS TO CONSIDER REGARDING NCUA’s PROPOSED RULE ON CALL REPORTS

Eric Richard • General Counsel • (202) 508-6742 • erichard@cuna.com
Mary Mitchell Dunn • SVP & Associate General Counsel • (202) 508-6736 • mdunn@cuna.com
Jeffrey Bloch • Assistant General Counsel • (202) 508-6732 • jbloch@cuna.com
Lilly Thomas • Assistant General Counsel • (202) 508-6733 • lthomas@cuna.com
Catherine Orr • Senior Regulatory Counsel • (202) 508-6743 • corr@cuna.com