Electronic filing of 5300 mandatory next year
Oct. 25, 2013 – The NCUA Board on Thursday made the electronic filing of quarterly call reports and profile data mandatory for credit unions – effective January 2014 – and altered the 2014 filing deadlines to provide credit unions more time to comply.
The final rule was approved during an open meeting that also included adoption of a rule addressing emergency liquidity and a proposed rule on stress testing of the largest credit unions. Thursday’s meeting also included a briefing on an interagency proposed rule on loans in flood hazard areas and the quarterly report on the National Credit Union Share Insurance Fund.
NCUA says the electronic filing rule will “reduce operating costs and promote environmentally responsible practices.” It added, “Savings will accrue from reduced staff time processing manual reports and eliminating the cost of printing and mailing paper copies of Call Report and Profile forms. Electronic filing will also reduce data entry errors and allow NCUA to compile quarterly industry data on a more timely basis.”
The rule will likely affect fewer than 50 federally insured credit unions which still file manually. NCUA staff said that those who file manually were offered grants and computers to assist in switching to electronic filing. NCUA will continue to keep grants available up until the deadline for those credit unions which still file manually.
More guidance and extended call report filing deadlines for 2014 will be provided soon in a Letter to Credit Unions.
In September, NAFCU wrote NCUA in support of the electronic filing proposal and said it should lead to quicker and more accurate data collection.