Just one additional business day to file call reports isn't enough, according to initial reactions to an NCUA release Monday that announced new deadlines for the second and third quarters.
"The assumption was that we were going to get an additional five days," Boston Firefighters Credit Union President/CEO Bernie Winne said. The Dorchester, Mass.-based credit union has almost $235 million in assets.
The NCUA released new call report deadlines intended to alleviate some of the problems credit unions said they faced as a result of the upcoming July 4th holiday and other calendar anomalies. Second quarter call reports will now be due by 11:59:59 p.m. Eastern time on Monday, July 25. They were previously due on July 22.
Third quarter call reports will be due by 11:59:59 p.m. Eastern time on Monday, Oct. 24. They had been due on Oct. 21.
Winne said that based on the rhetoric, he expected that NCUA was going to give credit unions until the end of the month to file reports. While the agency indicated that is the ultimate goal for the end of the year, the temporary extensions were intended to help credit unions on an interim basis.
"As we discussed at last week's open board meeting, moving the call report filing deadline back is a first step in (the) NCUA's overall effort to improve data collection," NCUA Board Chairman Rick Metsger said. "In 2014, we moved to a new filing deadline that is generally the fourth Friday of the month following the end of each quarter. That gave credit unions an average of six additional days to file. We're giving credit unions a little more leeway for the next two quarters as we complete our study on a future deadline closer to the commercial bank deadline that preserves the key role (the) NCUA's examiners fill in the validation process."
That's not enough, said Paul Gentile, president/CEO of the Cooperative Credit Union Association in Marlborough, Mass.
"There is no safety and soundness reason the data can't be pushed back seven to 10 days for release," he said. "What is so vital with the data that it can't be delayed for release?"
NCUA Director of the Office of Examination and Insurance Larry Fazio said last week the agency would begin a more extensive examination of its reporting and examination process to make better use of technology.
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