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NAFCU's Berger calls for an extension to the comment period and implementation date for NCUA's call report changes
NAFCU President and CEO Dan Berger Friday wrote to the NCUA in response to the agency's significant changes to its call report, stating the NCUA should provide credit unions with more time to evaluate, respond to, and prepare for the changes. In addition, Berger suggested the NCUA postpone the effective date of the call report changes from March 2022 to January 2023.
"The proposed changes are significant in number and scope and will require additional time for credit unions to ascertain whether these changes are necessary, whether they will have practical utility, and in what ways the NCUA can minimize the burden on credit unions," wrote Berger.
Berger highlighted that the 197-page document cataloguing the proposed call report includes hundreds of new codes, including 614 changes categorized as new or new-replacement and the relocation of 389 account codes.
"Even though NAFCU supports efforts to update the efficiency and effectiveness of the Call Report, the simultaneous imposition of hundreds of additions, subtractions, and rearrangements of data points represents a massive alteration to the process of submitting Call Report data," wrote Berger. "The NCUA should extend the comment period for this proposal and postpone the effective date of the changes to January 2023."
Read the full letter here. Without an extension to the comment period, comments on the proposed changes are due to the NCUA Nov. 26. For more information, a recent post on the NAFCU Compliance Blog breaks down the changes.
The association will continue to work closely with the NCUA to ensure credit unions have the resources, guidance, and flexibility needed to effectively serve their members.