Big Changes for Credit Union Financial Reporting in 1Q2022
Credit unions are facing hundreds of changes to their financial reporting in the first quarter of 2022, as a call report restructured by the National Credit Union Administration takes effect.
Among a host of other changes effective March 31, the NCUA added new reporting categories for loans and leases, delinquent loans, and loan losses. Credit unions also will have to report borrowing arrangements and borrowing maturity distribution for the first time, restructuring the liquidity on their balance sheets.
The NCUA now is also requiring CUs to report complex credit union leverage ratio calculations. This ratio provides "complex" credit unions — those with more than $500 million in assets — with a streamlined framework to manage capital if they maintain a minimum net worth level and meet other qualifying criteria.
Credit union trade associations were apprehensive about the timing of the project, following NCUA's request for comments in September 2021.
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