By David Baumann November 22, 2016 • Courtesy of CREDIT UNION TIMES
The NCUA announced a new call report schedule Tuesday that is intended to set a standard deadline for the reports and to give credit unions more time to file them.
Beginning with the Dec. 31, 2016, reporting cycle, federally insured, natural-person credit unions will be required to file their reports by the final Sunday of the month following the end of the quarter.
For instance, for the quarter ending on Dec. 31st, 2016, credit unions will have a deadline of Jan. 29, 2017.
The agency said that on average, the new schedule will give credit unions an additional seven days to file the reports.
Credit union CEOs said earlier this year that the NCUA should make the last business day of the month the deadline for call reports – similar to how other financial institution regulators have established the deadline.
The NCUA said that it will consider other changes, such as using a fixed date such as the 30th of the month based on its experience with the new changes.
