The NCUA said Monday it will launch an upgraded version of its Credit Union Online system May 28.

A Web-based data collection system, CU Online captures and displays information from credit unions and state supervisory agencies. The system has two parts: the Credit Union Profile and the Online 5300 Call Report.

Credit unions can learn more about the changes coming to the system during a free, interactive webinar May 15.

During the upgrade, NCUA will eliminate paper notices for each Call Report cycle to credit unions using CU Online. As part of the greeNCUA initiative, the switch to electronic notices from NCUA Express for CU Online will reduce NCUA's paper and postage costs by more than $20,000 annually, the agency said.

“The updated CU Online continues our efforts to provide convenient and efficient communication channels for credit unions,” said NCUA Examination and Insurance Director Larry Fazio. “We worked to incorporate the many valuable suggestions we received from credit unions to improve data integrity, enhance security and make CU Online more user-friendly.”

NCUA launched CU Online Sept. 1, 2009, and the changes coming in late May are the first major upgrade to the system. The upgrades were developed based on credit union feedback, the NCUA said.

The refreshed website will enhance the readability of documents created by and printed from the system, the agency said. Some other notable changes include:

• Instant warnings to prevent data-entry errors and omissions, and to identify inconsistencies with historical data;
• Real-time calculations and edits without a need to save changes;
• Help tips and instructions incorporated into each profile section; and
• Expanded read-only access capabilities for credit union staff and board directors.

As part of the overhaul, credit unions using CU Online will need to download and install new software—Microsoft Silverlight.

The free, interactive webinar will be broadcast at 2 p.m. EDT on Tuesday, May 15, and will last approximately 90 minutes. Participants can register for the webinar here.

NCUA risk-management experts will brief and answer questions from credit unions and the general public about the pending CU Online changes. NCUA will archive and post the webinar future viewing at a later date.

“Those who use the CU Online reporting system each day are in the best position to identify improvements,” Fazio said. “We worked very hard to incorporate their ideas and are confident the changes will improve the CU Online experience. To make the system even better in the future, we welcome and hope to receive many more suggestions.”

Credit unions with questions about coming CU Online upgrade or the May 15 webinar can email [email protected].