The NCUA is moving 14 credit unions out of the shoebox and into the digital age with a donation of new laptop computers that will allow them to file Call Reports online.
All have fewer than $10 million in assets, as the NCUA's Office of Small Credit Union Initiatives spearheaded the move.
“We're constantly seeking opportunities to give small credit union managers the tools, training, support, and resources needed to improve efficiency and aid in the economic viability of their institutions,” said NCUA Board Chairman Debbie Matz in a release. “These donations are part of NCUA's efforts to eliminate paper Call Report filings in 2013. It's a smarter, greener way to do business, and one that will enhance the calculation of the industry's quarterly performance statistics,” Matz said.
Earlier this year, the OSCUI contacted credit unions that were still manually filing quarterly 5300 Call Reports, and made the offer. The IBM T500 laptops, which were introduced back in 2008 and sell for around $350 each on eBay, will come with NCUA training and other support. Call Reports will be filed electronically in October.
The computers can also be used to modernize other recordkeeping as well, such as putting member loan and share information into a digital format. The computer donations to small credit unions are the latest accomplishment under Matz's “greeNCUA” environmental initiative, the agency said.
The initiative is aimed at reducing paper use, lowering energy consumption, and increasing recycling. Credit unions receiving the laptops are located across the country, with four located in Pennsylvania and two in the greater Los Angeles area.
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