GRAND RAPIDS, Mich.--Since 2009, CU*Answers noted it has offered a tool to help credit unions complete the 5300 Call Report required quarterly by the NCUA. Now it has improved the process in which data is automatically populated from the core system to lessen the amount of manual entry.
The information can then be uploaded directly to the NCUA. Last year, selected edits were added to match errors that can occur on the NCUA site, the company said, noting it’s part of a concerted effort to improve compliance-related technology and to speed the movement of data and information from credit union to regulator. “Compliance technology isn’t the most attractive, but it’s necessary if we want to reduce costs, improve the examination experience, and get down to the business of serving our member-owners,” the company said.
Last month, three reports were improved in order to make it easier to obtain data for the Call Report. Since data is subject to change quarterly, it is an ongoing task to keep the tool up-to-date. “We continually monitor the NCUA changes and look to credit unions for suggestions on improving the tool,” said Karen Sorensen, Call Report Project Coordinator. “Anything we can do to help with this tedious quarterly task is considered a good investment for the future of our credit unions.”