Dear Board of Directors and Chief Executive Officer:
On October 24, 2013, the NCUA Board finalized a new rule requiring all federally insured credit unions to file quarterly Call Reports and Profile data electronically. You must use NCUA’s information management system or other electronic means specified by NCUA; paper filing is no longer permitted, and NCUA will no longer mail out paper Call Report and Profile forms.
NCUA also adjusted Call Report filing deadlines for 2014 to provide more time for credit unions to file.
Why is NCUA making these changes?
NCUA is requiring electronic filing of Call Report and Profile information to reduce operating costs and promote environmentally responsible practices. Savings will accrue from reduced staff time processing manual reports and eliminating the cost of printing and mailing paper copies of Call Report and Profile forms. Electronic filing will also reduce data entry errors and allow NCUA to compile quarterly industry data on a more timely basis.
When do these changes take effect?
This rule will take effect in January 2014 when fourth-quarter Call Reports are due. Credit unions must begin electronically filing Call Report and Profile information starting with the December 31, 2013, Call Report cycle using NCUA’s online system, CU Online. The filing deadline for December 2013 Call Report and Profile information is January 24th, 2014.
For 2014, NCUA has adjusted all Call Report and Profile submission due dates to the fourth Friday of each month following the end of a quarter.
The electronic filing due dates for 2014 are as follows:
|Call Report Cycle||Due Date|
|December 31, 2013||January 24, 2014|
|March 31, 2014||April 25, 2014|
|June 30, 2014||July 25, 2014|
|September 30, 2014||October 24, 2014|
If a credit union does not file electronically by the due date, it is a regulatory violation subject to applicable administrative remedies, including civil money penalties.
What resources are available to help credit unions with this change?
Resources are available online at NCUA’s website to help with electronic filing. Specifically, at http://www.ncua.gov/DataApps/CUOnline/Pages/default.aspx, you can access information on the following subjects:
- General System Frequently Asked Questions (FAQs)
- Instruction Guide
- Online Profile FAQs
- 5300 Call Report FAQs
The website also includes a link to a webcast presentation on CU Online.
The Office of Small Credit Union Initiatives (OSCUI) is also available to assist manual Call Report filers converting to electronic filing. Help is available through:
- A guidance document to walk filers through an online 5300 Call Report;
- One-on-one telephone support from an Economic Development Specialist;
- Urgent Needs Grant funding up to $7,500 for low-income designated credit unions without computers.
To obtain assistance from OSCUI, please send a request to OSCUIMail@NCUA.gov or call 703-518-6610.