NCUA Call Report Enhanced
Modification Provides Separate Corporate Expense Information
March 5, 2009, Alexandria, Va. – The National Credit Union Administration (NCUA) today announced changes to the March 31, 2009, Call Report designed to better enable credit unions to provide a more accurate picture of expenses related to the recent NCUA Corporate Stabilization Program.
The new version of the 5300 Call Report features the separate presentation of the expense resulting from the recent NCUA corporate stabilization actions. The changes will show the expense related to the stabilization action as a separate line item on the Income Statement within the Call Report. It will also show net income before and after the expense item. The two new accounts added are NCUSIF Stabilization Expense, Account 311 and Net Income (Loss) before NCUSIF Stabilization Expense, Account 660A. This will allow Call Report users to quickly ascertain the impact of the stabilization expense on the operating position of each credit union.
“This modification is an improvement for credit unions, their members and NCUA. It will present a clearer, and I believe fairer, picture of the real financial condition of a credit union given the external factors that have affected the corporate network. I am committed to continuing to provide reasonable and innovative regulatory approaches for credit unions during these difficult times, whether it is through last week’s Supervisory Letter regarding examiner flexibility or this Call Report enhancement,” stated NCUA Chairman Michael E. Fryzel.
A letter to credit unions will be issued shortly with additional details.
The National Credit Union Administration is the independent federal agency that charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates the National Credit Union Share Insurance Fund (NCUSIF), insuring the savings of nearly 89 million members in all federal credit unions and the vast majority of state-chartered credit unions. NCUA is supported by credit unions, not federal tax dollars.
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