New Filing Schedule Being Studied for Future Call Reports
ALEXANDRIA, Va. (May 23, 2016) – Credit unions will have three extra calendar days to file Call Reports for the second and third quarters of this year, the National Credit Union Administration announced today.
Second-quarter Call Reports will now be due by 11:59:59 p.m. Eastern time on Monday, July 25, instead of Friday, July 22. Third-quarter Call Reports will now be due by 11:59:59 p.m. Eastern time on Monday, Oct. 24, instead of Friday, Oct. 21.
“As we discussed at last week’s open Board meeting, moving the Call Report filing deadline back is a first step in NCUA’s overall effort to improve data collection,” NCUA Board Chairman Rick Metsger said. “In 2014, we moved to a new filing deadline that is generally the fourth Friday of the month following the end of each quarter. That gave credit unions an average of six additional days to file. We’re giving credit unions a little more leeway for the next two quarters as we complete our study on a future deadline closer to the commercial bank deadline that preserves the key role NCUA’s examiners fill in the validation process.”
At its May open Board meeting, NCUA announced the agency will conduct a comprehensive review and modernization of Call Report and Credit Union Profile content. NCUA will gather information through a public comment-and-review process and will create an internal working group that will consult with stakeholders. The process could also include online surveys, focus groups, workshops and other forums. The agency will publish a request for information in the Federal Register in the near future, seeking public comments. Those comments must be received within 60 days of publication.
“I hope credit unions will watch for the publication of our request for information in the Federal Register and submit comments on how we should modernize the Call Report and Credit Union Profile content,” Metsger said, “and I look forward to working with credit unions as this modernization effort proceeds.”