On Tuesday, NCUA posted frequently asked questions (FAQs) related to their future shift to online 5300 Call Reports. The switch to online reporting is scheduled for late 2009 (natural person credit unions) and 2010 (corporate credit unions).
The first five Q&As provide the basic details (there are 22 total Q&As):
NCUA is developing an online (web-based) environment for federally insured
credit unions to self-manage profile information, submit data, and receive
information from NCUA.
2. When do these changes take effect?
The new online profile and Call Report will be deployed in late 2009 for natural
person credit unions and 2010 for corporate credit unions.
3. What is the “online profile”?
The online profile will include information that NCUA maintains about a credit
union that infrequently changes. For example, the credit union address(es), phone
number(s), list of officials, hours of operation, etc. Credit unions will be able to
change certain fields online to provide a real-time environment for updating
4. Will I be required to use the online system?
Yes. All federally insured credit unions with access to the Internet will be
required to submit their data online. Hardship provisions will be made for
computer disruptions during the upload period.
5. I am a manual credit union. How does this affect me?
Policies will be established addressing manual credit unions and submission of
their data. NCUA will release more information on this topic at a later date."
Additionally, the Report of Officials (ROO) will be moving online as well. View the FAQs to get answers to your questions and look for more info from NCUA as the shift gets closer.
The Compliance Guy will make his long-awaited return on Tuesday. Thanks for being kind to Sarah and me.
Enjoy the first weekend of college football. Have a safe, relaxing holiday weekend.