The League submitted its comment letter earlier this week on NCUA’s recent proposal to end manual reporting. Currently, credit unions can file financial, statistical and other reports, including call reports, either manually or electronically. In the proposal, NCUA noted that only a small percentage of credit unions still file call reports manually and NCUA has taken proactive steps to ensure these credit unions can begin filing reports electronically. In the letter, John Radebaugh shared that “NCCUL is supportive of the proposal to end manual reporting and is appreciative of the NCUA’s efforts to transition smaller credit unions onto this electronic platform."
The main point highlighted in the letter, however, related to a request first submitted by Self-Help Credit Union based in Durham. Randy Chambers, Self-Help’s Chief Financial Officer explains that “both call reporting requirements and credit unions have become more complex in recent years, while the filing deadline has not been adjusted to reflect the additional burden." Chambers references NCUA’s authority to change the required filing date and requests the NCUA to push back the call report deadline to 30 days after the end of each calendar quarter, which would create consistency with banks and thrifts.
The League, as well as CUNA, advocated for Self-Help’s request. “We think this is a very sensible idea, and such a deadline would provide more flexibility for all insured credit unions,” wrote CUNA’s Deputy General Counsel Mary Dunn.
The League concluded its comments by reiterating NCUA’s commitment to reducing regulatory burden and suggesting that changes to the reporting deadlines would be a step in that direction.