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News Now

Washington
NCUAs new online reporting rule topic of Aug. 12 webcast
ALEXANDRIA, Va. (7/21/09)--The National Credit Union Administration (NCUA) announced an Aug. 12 webcast to provide details of its upcoming web-based financial reporting system to credit unions. The new web-based reporting regime, which was approved as a final rule at the NCUA’s board meeting last Thursday, will provide a secure internet portal for federally insured credit unions to submit financial reports, reports of officials, and other information online. The new reporting system, which will replace the current 5300 call report system for natural-person credit unions, will go into effect on Sept. 1, 2009. The 5310 call report system for corporate credit unions will be replaced in 2010. The NCUA will provide further information on the program in an early September letter to credit unions. The system should be mandatory for credit unions with internet access by Oct. 1. The new system, which should eliminate many of the redundancies that occur under the existing reporting regime, will also collect information on all services provided to credit unions by CUSOs. The current system only collects information on the primary services performed. According to an NCUA release, the webcast will “provide a description of the new online reporting system and key items credit unions will need to transition to the online system.” The NCUA will also give credit union officials a chance to ask direct questions to NCUA staff. The NCUA will provide registration information for the webcast in early August.


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