NCUA introduces 5300 short form
ALEXANDRIA, Va.-NCUA unveiled its new 5300 call Report Short Form for federally insured credit unions with $10 million or less in assets as smaller credit unions face the switch to quarterly reporting at the end of the third quarter. Of federally insured credit unions, 54% will be eligible to use the short form, which is only seven pages long. "Even though quarterly reporting is essential for our ongoing supervisory program," NCUA Chairman Dennis Dollar commented, "we always seek to ease the burden of such requirements wherever possible...We believe that it is important to respond to the unique needs of the smaller credit unions whenever we can do so without sacrificing standards. The 5300 Short Form helps to do so." Prior to the lengthened examination period for some credit unions, federally insured credit unions with $50 million in assets or less only had to submit call reports semi-annually, while larger ones were required to file quarterly. The expanded on-site examination schedule and quarterly call reports are intended to allow the agency to spend more time in the credit unions that need assistance. The appropriate 5300 forms will be mailed to all federally insured credit unions September 18.