Credit unions frustrated with the time and expense it takes to complete the NCUA's 5300 Call Reports will be able to share their complaints with CUNA. The credit union trade association said it is planning to launch a brief survey within the next week or so that will allow credit unions to grade the call report process.
Developed by Mike Schenk, CUNA's acting chief economist, the brief survey is designed to measure the impact of both NCUA's 5300 call reports and its credit union profile report, Form 4501A.
Using a scale of 1 for “disagree strongly” to 5 for “agree strongly,” respondents will be asked to grade 21 statements that relate to the ease and usefulness of completing call reports, and whether well-capitalized credit unions should be allowed to complete “short-form” call reports.
In addition, the survey will ask what single, realistic change to quarterly reporting requirements would best reduce regulatory burden. It will also request the credit union's charter number to provide a demographic context by which to measure survey results.
CUNA said individual responses will not be made public.
CUNA's survey falls on the heels of a similar survey launched in May by the Independent Community Bankers Association, which measured responses from its 6,500 member institutions to many of the same questions.
Bank call reports currently top out at 80 pages per quarter, while NCUA's call report runs 29 pages.
As a result its survey efforts, the ICBA is lobbying the FDIC, FFIEC, OCC and the Federal Reserve Board to allow community banks to file a short-form report for the first and third quarters, and the current, longer report for the second and fourth quarters. The IBCA also has an electronic online survey that members can sign that will be forwarded to the appropriate regulatory agencies.
CUNA's survey, currently in draft form, will likely be distributed in August, although no firm plans were indicated by CUNA officials at press time.
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