Since 2009, CU*Answers has offered a software tool for credit unions to input Call Report information for direct upload to the NCUA each quarter.  Based on recently revised penalties imposed by the NCUA for late filers, it is becoming increasingly important to take advantage of tools to help with this quarterly task.

Jim Vilker, VP of Professional Services and head of the CU*Answers compliance division, stated “The regulation refers to unintentional vs. intentional fines that can either be $2,000/day, $20,000/day, or $1 million dollars (or 1% or total assets). Clients have one of the most powerful tools to complete their 5300 in record time, right in the CU*BASE^® core system. Using the 5300 Call Report tool allows clients to automatically populate most Account Codes by gathering information already in their database (general ledger balances, etc.) and automates the upload function to NCUA. The tool also calculates Financial Performance Report (FPR) ratios that are available for trending and will give future reporting functionality relating to core ERM processes.”