WASHINGTON—Proposed changes to NCUA’s Call Report (Form 5300)—roughly 30 different changes in all—are concerning, America’s Credit Unions said.
Regulatory Advocacy Senior Counsel Luke Martone outlined issues for credit unions in comments filed with the NCUA. Specifically, the proposed effective date and ensuring the NCUA adheres to the Notice and Comment process.
“Overall, we are concerned with the ever-increasing reporting requirements credit unions must adhere to; while each new requirement may be manageable on its own, the sheer number of them together creates significant burden for credit unions,” said Martone. “In addition, we question the need for increased reporting, such as the proposed requirement to report loans granted to credit union officials and senior executive staff year-to-date.”