Risk Management

Credit unions can manage the risks associated with the Call Report and Profile through the following key elements:

People

Credit union management is responsible for overseeing a credit union’s reporting of the Call Report and Profile.

The NCUA's regulation § 741.6, Financial and statistical and other reports requires credit unions to:

  • File a quarterly Call Report electronically using CUOnline
  • Update their Profile with accurate information within 30 days of any change in profile information and within 10 days after electing or appointing (hiring) senior management or volunteer officials
  • File financial statements in accordance with GAAP if a credit union has total assets of $10 million or greater

FISCUs may be required by the state credit union supervisor to follow GAAP regardless of asset size. For more information, see NCUA regulation § 741.6(b), Consistency with GAAP.

Accurate Call Report and Profile data is necessary to assess a credit union’s financial health and identify emerging trends. Management should ensure staff responsible for completing these reports are qualified to input and review the data for accuracy and reasonableness.

Policies and Processes

While a credit union may develop a policy associated with the Call Report or Profile, it is not required.

Procedurally, credit unions should adhere to the following practices to the fullest extent possible:

  • Ensure staff have the knowledge, skills, and abilities to prepare and report financial and Profile information

  • Cross-train employees to ensure adequate staff coverage to prepare reports, and for succession purposes

  • Review any changes to the Call Report requirements (Call Report Changes available in the Reporting Forms and Documents section)

  • Prepare Call Reports using reports generated by the credit union’s data processing system

    • If custom or hand-calculated reports are necessary, management should develop a process to ensure the accuracy of the information.

  • Maintain documentation of internal reports used to prepare a Call Report or Profile

    • Workpapers should include detail for all report items (for example, share and loan statistics, investment reports, delinquency report).

  • Reconcile the Call Report to the credit union general ledger

  • Establish a documented review process of Call Report and Profile data to detect and address errors prior to submission

  • Provide sufficient explanation and comment in response to all warnings in a Call Report, including historical warnings

  • While the NCUA does not currently require credit unions to comment on historical warnings, this can expedite examiner review of the Call Report

  • Segregate duties so that the individual(s) responsible for preparing the Call Report and Profile are separate from the individual(s) who reviews and validates them

  • Review the NCUA instructions for CUOnline, Call Report, and Profile

Credit unions should ensure any third party vendor that assists with completing the Call Report or Profile has appropriate review processes in place. Credit unions should perform due diligence on any vendor involved in the preparation of the Call Report or Profile.

Last updated October 21, 2020