NCUA Adds New 5300 Disclosures On Corporate Charges
ALEXANDRIA, Va. – NCUA said it has adding numerous disclosures to its 5300 Call Reports for the fourth quarter that will reflect each credit union’s payment for costs associated with the National CU Share Insurance Fund premium and the corporate credit union stabilization.
The fourth quarter reports will require credit unions disclose on the statement of income and expenses section what this year’s NCUSIF premium expense is, as well as net income minus both the premium and the corporate expense. It also changed the name of the disclosure formerly called Account 311 to Temporary Corporate CU Stabilization Fund Assessment.
The disclosures will allow readers of the Call Reports to determine a credit union’s financial performance absent the special NCUA charges.
NCUA also added a variety of new disclosures in the investments section for credit unions buying NCUA Guaranteed Notes, the bonds that are financing the corporate bailout.
NCUA has also added several new disclosures for credit unions offering payday loans, which will be part of the Statement of Financial Condition. The disclosures will cover short-term small amount loans granted and delinquent and charged-off.