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News Now

Washington
Call report expense data change
ALEXANDRIA, Va. (3/6/09)—There will be changes to the March 31 call report designed to enable credit unions to provide a more accurate picture of expenses related to the recent Corporate Stabilization Program, according to the National Credit Union Administration (NCUA). The NCUA said its new version of the 5300 Call Report will show the expense related to the stabilization action as a separate line item on the Income Statement within the Call Report. It will also show net income before and after the expense item. The two new accounts added are NCUSIF Stabilization Expense, Account 311 and Net Income (Loss) before NCUSIF Stabilization Expense, Account 660A. The agency said this will allow call report users to quickly ascertain the impact of the stabilization expense on the operating position of each credit union. The NCUA promised a letter to credit unions to be issued soon with additional details. In the NCUA announcement, Chairman Michael Fryzel said, “This modification is an improvement for credit unions, their members and NCUA. It will present a clearer, and I believe fairer, picture of the real financial condition of a credit union given the external factors that have affected the corporate network.: He added, “I am committed to continuing to provide reasonable and innovative regulatory approaches for credit unions during these difficult times, whether it is through last week’s Supervisory Letter regarding examiner flexibility or this Call Report enhancement.”


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