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  • Writer's pictureRacheal Alvey

Credit Union Call Report Modernization Effective Marsh 2022

In 2016 the National Credit Union Association (NCUA) began an effort to update the quarterly Call Report. The review of the report, the Call Report Modernization project, was recently completed, and the NCUA announced the changes that will be effective with the Call Report due March 31, 2022.

Restructuring the Call Report

The comprehensive review was an effort at streamlining the report to improve the practical use of the report and to “minimize the burden” of collecting the data.

One significant priority was to accommodate the Risk-Based Capital ratio calculation schedule.

Another primary focus of the review was a thorough updating or retiring of obsolete codes. Below is a sample of codes reviewed for updating or retiring:

  • New: Total cash, cash equivalents, and other deposits; information about deposits the Credit Union has with other financial institutions; other services provided by money service businesses; loan loss information by different product types such as charge-offs and year-to-date recoveries; payday alternative loans; non-federally guaranteed student loans; new and used vehicle loans; loan delinquencies by collateral type and dollar amount of delinquencies; number of indirect loans; interest income year to date by various loan type; information about the Credit Union's borrowing relationships; and more.

  • Retired: Various specific data points related to troubled debt restructuring (TDRs); transfer to regular reserves; interest rates on various loans; dividend rates on various categories of share accounts; various data points related to loan participants; the number of foreclosed and repossessed assets; and more.

Draft of the March 31, 2022 Call Report Published

We are still reviewing these changes, but at first glance, we see these updates:

  • Simplified balance sheet reporting; total numbers only.

  • The supporting schedules for investments and shares are moved further back in the Call Report. This is similar to how we are already reporting Loans.

  • Time Deposits are now combined; no breaking out Credit Unions versus Banks.

  • Other information appears to be the same, just located in a different location of the Call Report.

Questions? We Can Help.

Contact our expert team of Certified Public Accountants today—call 985-727-9924.

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