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NCUA to Extend Call Report Deadlines
Monday, May 23, 2016 6:35 AM

The National Credit Union Administration will extend the due date for second quarter call reports and expects to establish an end-of-month deadline by the end of the year, NCUA Chairman Rick Metsger said Thursday.

Speaking at the NCUA’s May board meeting, Metsger and agency staff did not specify the due date for the second quarter reports, but said some flexibility would be established since the Fourth of July holiday will tighten the report’s deadline even more.

The meeting was Metsger’s first as chairman and the first to incorporate a new system of staff briefings that the board hopes to conduct during each monthly meeting.

Credit union CEOs have said the NCUA should make the last business day of the month the deadline for call reports, similar to how other financial institution regulators have established the deadline. Currently, the call report deadline shifts from quarter to quarter, since the deadline is the fourth Friday after the quarter’s end.

This year, July 1 falls on a Friday, and the following Monday is the Fourth of July holiday, meaning credit unions will have just 15 days to complete their report that month.

Metsger and NCUA staff indicated the July deadline will be extended, and the permanent change is likely to be made by the end of the year.

This call report deadline change will be an interim change, but Larry Fazio, NCUA’s director of the Office of Examination and Insurance, said the agency is beginning a more extensive examination of its reporting and examination process to make better use of computer technology.

For more information, please visit the NCUA Newsroom.