WASHINGTON—CUNA said it is concerned with the approach NCUA has taken toward impending Call Report changes and is calling on the agency to extend the comment period on the proposed changes until at least mid-January.
CUNA input is coming in response to an NCUA request for comments regarding the collection of information through the agency’s Call Reports.
The letter does note CUNA’s general support for the efforts to streamline and update the Call Report.
“We are concerned with the approach the agency has taken to inform the public of the impending changes to the Call Report,” the letter reads. “We believe notice through a [Paperwork Reduction Act] RFC is inappropriate and does not sufficiently alert the industry of the changes contemplated.
“[B]ased on our research and review of NCUA’s Catalog of Account Code Changes, it is our understanding that the changes will be much more involved and that almost every page of the Call Report will be modified as a result of the restructuring,” the letter adds.
‘Extremely Problematic’
CUNA said it believes NCUA may intend to have the Call Report changes implemented by the first quarter of 2022, a timeframe CUNA called “extremely problematic.”
“If correct, we believe such a timeframe would be extremely problematic. We believe a more appropriate deadline would be the third quarter of 2022,” the letter continues. “This would allow sufficient time for the core processors to implement the changes and for credit unions to conduct testing and training.”