Melissa Green, controller for $153 million West Community Credit Union in O'Fallon, Mo., said she spends as much as 25% of her time completing NCUA 5300 Call Reports.
Given the depth and breadth of the 25-page quarterly report and its 104 pages of instructions, Green said she has to gather more information than she believes the regulator needs or, perhaps, knows what to do with. And it costs the credit union an estimated $20,000 annually in staff time and resources, Green said.
"I'm not really sure why they need this information," said the 15-year credit union veteran who has been responsible for call report completion for the past six years.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
