CU*Answers 5300 Offering Grows!

CU*Answers announced that for credit unions utilizing its CU*BASE processing system, the 5300 automated processing tool was providing a big benefit to credit unions. In announcing its newest updates, CU*Answers stated that:

  • Each credit union utilizing the tool may auto-populate nearly 50% of the 5300 Account Codes with data directly from CU*BASE. Once the automation routines are configured, they are saved for future Call Report periods – providing a significant savings in staff time.
  • All Call Report data may be reviewed and modified accordingly prior to being uploaded directly to the NCUA’s online site.
  • A new 5300 Call Report Ratio Dashboard tool was now also available to CU*BASE  clients, providing the capability to select data from any previous transmitted Call Report(s) to calculate key NCUA rations, such as Loans/ Assets, ROA and Net Worth – for instantly comparing key data over a period of time.

CU*Answers concluded by stating its purpose for providing an automated 5300 process was multifold as based upon not only to provide an automated 5300 creation and upload process, but to provide a valuable, trend analysis comparative tool for which a series of key credit union ratios could be easily displayed via a single dashboard screen for any period (i.e. monthly, quarterly) desired.