Compliance Blog

Last week, NCUA released Letter to Credit Unions 08-CU-06, which highlights changes to the March 2008 5300 Call Report process, as well as outlining the future of 5300 Call Report submissions.   In NCUA's words:

In the latter part of 2009, NCUA plans to release an on-line version of the 5300 Call Report that will replace the existing software. We will provide periodic updates outlining the impact of the actual changes as we progress through system development. In the interim, NCUA continues to update and enhance the current software and process. There are several important changes for the March 2008 cycle outlined in this Letter and in the Enclosure that you should reference when completing the 5300 Call Report (5300).

March 2008 Call Report Update
The most significant change to the 5300 is the addition of all account numbers in both the software and the hard copy form. This improvement should help resolve reconciling problems between a credit union’s financial statement and the 5300. A complete list of all changes is included on NCUA’s website at: http://www.ncua.gov/data/5300/08March/March2008CallReportFormAndInstructions.pdf.

I'm sure that there's one person who is responsible for your credit union's 5300 Call Report filing.  I would make sure that he or she reads this Letter to Credit Unions, which you can find here.