The 5300 Call Reports that credit unions file from now on will feature separate sections showing the impact on that credit union of their share of the payment to offset the costs of the NCUA's efforts to rescue the corporate credit unions, the agency announced today
The changes will show the expense related to the stabilization action as a separate line item on the Income Statement section and 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, according to the agency.
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"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," said NCUA Chairman Michael E. Fryzel.
In late January, the agency announced a rescue plan for corporate credit unions that included injecting $1 billion into U.S. Central and guaranteeing the deposits of natural person credit unions in corporate credit unions. The agency has said it may have to levy a premium later this year to replenish the NCUSIF.
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