Trades Recommend Changes In 5300 Plan

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The credit union trade associations have all weighed in on NCUA's call for comment on proposed changes to the 5300 report filed each quarter by credit unions. NCUA is proposing changes that would require all federally insured credit unions to file the same quarterly Financial and Statistical Report, eliminating the alternative 5300 form for CUs with assets of less than $10 million.

CUNA recommended that credit unions be given until the first quarter of 2007 to adequately prepare for new Form 5300 Call Reports now being developed by NCUA. It also called for the elimination of unnecessary or redundant information (such as information on interest rates charged for loans and on dividend rates paid on shares and deposits, and on quarterly updates on whether credit unions offer electronic cash, account aggregation and other electronic services).

NASCUS, whose own state regulator-members are on the other side of the reports, was generally supportive and said that all changes should be an ongoing process in conjunction with state regulators.

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