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Online reporting to NCUA intended to cut redundancies
ALEXANDRIA, Va. (7/17/09)—A new online call report system approved by the National Credit Union Administration (NCUA) is expected by agency staff to eliminate many of the redundancies that occur under the existing reporting regime. The NCUA adopted a final rule Thursday that will provide a secure, web-based system to allow federally insured credit unions to submit financial reports, reports of officials, and other information online. The new approach will replace the current 5300 call report system for natural-person credit unions in late 2009, then in 2010 it will supplant the 5310 call report for corporate credit unions. The NCUA hopes to send details of the new program in a Letter to Credit Unions in early September, and then make the system mandatory for credit unions with internet access by Oct. 1. The NCUA estimates that around 435 credit unions without internet access will submit paper call reports in lieu of the online system initially, and NCUA will enter that call report information into the online system for them. NCUA will hold several informational webinars on this new system. Because under the new system all data may be submitted from any computer with an internet connection, NCUA will no longer issue software to submit the reporting data. The new system will collect information which is not collected under the current system about all services provided to credit unions by CUSOs. The current system only collects information on the primary services performed.
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