The NCUA said Monday it will launch an upgraded version of itsCredit Union Online system May 28.

A Web-based data collection system, CU Online captures anddisplays information from credit unions and state supervisoryagencies. The system has two parts: the Credit Union Profile andthe Online 5300 Call Report.

Credit unions can learn more about the changes coming tothe system during a free,interactive webinar May 15.

During the upgrade, NCUA will eliminate paper notices for eachCall Report cycle to credit unions using CU Online. As part of thegreeNCUA initiative, the switch to electronic notices fromNCUAExpress for CU Online will reduce NCUA's paper and postagecosts by more than $20,000 annually, the agency said.

“The updated CU Online continues our efforts to provideconvenient and efficient communication channels for credit unions,”said NCUA Examination and Insurance Director Larry Fazio. “Weworked to incorporate the many valuable suggestions we receivedfrom credit unions to improve data integrity, enhance security andmake CU Online more user-friendly.”

NCUA launched CU Online Sept. 1, 2009, and the changes coming inlate May are the first major upgrade to the system. The upgradeswere developed based on credit union feedback, the NCUA said.

The refreshed website will enhance the readability of documentscreated by and printed from the system, the agency said. Some othernotable changes include:

• Instant warnings to prevent data-entry errors and omissions,and to identify inconsistencies with historical data;
• Real-time calculations and edits without a need to savechanges;
• Help tips and instructions incorporated into each profilesection; and
• Expanded read-only access capabilities for credit union staffand board directors.

As part of the overhaul, credit unions using CU Online will needto download and install new software—MicrosoftSilverlight.

The free, interactive webinar will be broadcastat 2 p.m. EDT on Tuesday, May 15, and will last approximately 90minutes. Participants can register for the webinar here.

NCUA risk-management experts will brief and answer questionsfrom credit unions and the general public about the pending CUOnline changes. NCUA will archive and post the webinar futureviewing at a later date.

“Those who use the CU Online reporting system each day are inthe best position to identify improvements,” Fazio said. “We workedvery hard to incorporate their ideas and are confident the changeswill improve the CU Online experience. To make the system evenbetter in the future, we welcome and hope to receive many moresuggestions.”

Credit unions with questions about coming CU Online upgrade orthe May 15 webinar can email [email protected].