Responding to concerns of credit unions that the upcoming Fourth of July holiday will give them less time to prepare Call Reports, NCUA announced yesterday that they have three extra calendar days to file for the second and third quarters of this year.
Second quarter Call Reports will now be due by 11:59:59 p.m. ET on Monday, July 25, instead of Friday, July 22. Third quarter Call Reports will now be due by 11:59:59 p.m. ET on Monday, Oct. 24, instead of Friday, Oct. 21.
NCUA Board Chairman Rick Metsger said the move is a first step in the plan to improve overall data collection in the future, which NCUA is currently reviewing.
“We’re giving credit unions a little more leeway for the next two quarters as we complete our study on a future deadline closer to the commercial bank deadline that preserves the key role NCUA’s examiners fill in the validation process,” said Metsger in a CU Today article.
At its May open board meeting, NCUA announced the agency will conduct a comprehensive review and modernization of Call Report and Credit Union Profile content. For more details, read the article at CU Today.