Trade Groups Weigh In On Proposed ChangesTo 5300s

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ARLINGTON, Va. - (11/23/05) The credit union trade associationshave all weighed in on NCUA’s call for comment on proposedchanges to the 5300 report filed each quarter by credit unions.NCUA is proposing changes that would require all federally insuredcredit unions to file the same quarterly Financial and StatisticalReport, eliminating the alternative 5300 form for credit unionswith assets of less than $10 million. CUNA recommended that creditunions be given until the first quarter of 2007 to adequatelyprepare for new Form 5300 Call Reports now being developed by NCUA.It also called for the elimination of unnecessary or redundantinformation (such as information on interest rates charged forloans and on dividend rates paid on shares and deposits, and onquarterly updates on whether credit unions offer electronic cash,account aggregation and other electronic services). NASCUS, whoseown state regulator-members are on the other side of the reports,was generally supportive and said that all changes should be anongoing process in conjunction with state regulators.

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