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Call report changes--no big impact on CUAnswers

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GRAND RAPIDS, Mich. (11/5/12)--CU*Answers, a Grand Rapids, Mich.-based credit union service organization, is reassuring clients that the upcoming 5300 call report changes recently disclosed by the National Credit Union Administration (NCUA) will not have a significant impact on its CU*BASE 5300 software tool. 

"There are numerous changes--yes, but sweeping changes--no," said Jim Vilker, CU*Answers vice president  of professional services and manager of Audit Link. "Since the CU*BASE 5300 software tool was introduced over three years ago CU*Answers has a dedicated resource on staff who monitors the NCUA changes and updates the software, procedures and documentation accordingly.  In fact, our call report tool was designed nimble to the point where programming is not necessary to effectuate the changes each time Account Codes are added."

NCUA call report changes include:

  • December 2012 call report: The Account Codes for Modified Loans in the Specialized Lending section will be eliminated and replaced with Troubled Debt Restructured Loans.
  • March 2013 call report: Account Codes will be added for reporting delinquency and charge offs based on additional NCUA loan categories.  Account Codes will also be added for unfunded commitments, credit impaired loans and investments.
  • June 2013 Call Report: The reporting requirement for loan delinquencies is will change from months to days.     
"The NCUA letter to credit unions may give the impression that the new delinquency reporting requirements are a very large change that will require major revamps to data processing systems," Vilker said. "In some cases that may be so, but not on the CU*BASE core platform. Credit unions have had the ability to pull delinquency reports in the proposed daily format for over a decade."

The larger issue is questions relating to reportable delinquency versus reporting to the board of directors and collection processing, Vilker said. "The NCUA letter only addresses the reporting on the call report and states the reasoning behind the change is consistency between all regulatory agencies," he said. "Based upon what is currently known of the required changes, nothing else in credit union operations need to change."  

CU*Answers provides services for credit unions including its flagship CU*BASE  processing system (online and in-house) and Internet development services featuring It's Me 247 online and mobile banking. Additional services include Web development, network design and security, and image check processing.

CUNA school for non-financial managers volunteers set

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MADISON, Wis. (11/5/12)--CUNA CU Finance for Non-Financial Managers & Volunteers School will be held April 21-24, 2013 in New Orleans, the Credit Union National Association announced (CUNA).

The school provides a foundational financial curriculum tailored to the responsibilities of credit union non-financial managers and volunteers.

The curriculum is designed to provide attendees with the capacity to better protect the finances of their credit union and its members and to cultivate productive financial communication between financial and non-financial managers, CUNA said. 

The essential credit union finance topics that comprise the school's general curriculum include:

  • Financial Statements 101--interpreting a credit union's financial condition;
  • In-depth financial analyses of several credit unions;
  • Credit union ratios--what they mean and the importance they hold;
  • Capital management;
  • The impact of rates, risk and returns; and
  • What asset-liability is and its importance to the credit union's financial health.
Upon successfully completing the optional on-site exam, attendees will earn their CUNA Board Financial Literacy Certificate, fulfilling the National Credit Union Administration requirement that credit union board members possess a proven level of financial literacy.