1Q22 Call Report Changes - Frequently Asked Questions
What happened in 1Q22?
The NCUA approved major revisions to the 5300 Call Report starting in the first quarter of 2022. These changes involved substantial reorganization and restructuring of most sections of the Call Report, including the removal, addition, and modification of over 1,000 combined account codes. These changes are a part of the Call Report Modernization Project.
How are Callahan’s defined facts affected?
A “defined fact” is like a keyword or variable name used in Peer to replace formulas or singular codes. The defined fact “assets” replaces the code A010, for example, because it is much easier for many users to remember. While you can create your own defined facts, only defined facts created by Callahan will be updated for you. Click here to review the Callahan's Defined Fact Dictionary and check back regularly for new defined facts.
How will this be reflected in pre-built displays?
Callahan has updated the pre-built displays in Peer, CU Analyzer and CU Target. While many displays are unaffected, a number have been updated to reflect the changes. Some displays have been retired due to lack of continued data reporting and will not carry data beyond Q4 2021. However, we are also introducing several new pre-built displays based on the categories below and invite you to use them in your analyses going forward.
- New Breakdowns in Indirect Lending
- Commercial Lending Asset Quality
- New Investment Portfolio Breakdowns
- Risk-Based Capital (RBC) and Complex Credit Union Leverage Ratio (CCULR) bench marking displays
This pre-built display looks wrong. What happened?
While all pre-built displays have been updated in Peer-to-Peer, some of the NCUA’s changes prevent some metrics from aligning exactly quarter-over-quarter. Because of this, trending certain metrics may not work perfectly between Q4 2021 and Q1 2022. Callahan has matched pre-built formulas to the best of our ability given the changes. If you believe a formula could be built more accurately, please let us know!
My custom displays are no longer trending correctly. What happened?
The overhaul of the 5300 Call Report in 2022 changed many formulas as over 1,000 codes were added, retired, or modified. While we worked to address this in the pre-built displays, we are unable to do the same for custom displays due to their sheer quantity and the subjectivity of some of the reporting changes. You can use the resources below to help you correct your custom displays with commonly used codes by category or visit the support site to learn how to update a custom display formula (link coming soon). Additionally, please reach out to your Callahan Account Manager for information on utilizing Analyst Hours to have us update your displays on your behalf.
Common Code Mapping Resources
Identifies new, changing, or retired codes to help you streamline and update your formulas.
How will displays track over time?
Although many codes are being retired or replaced, you’ll still be able to perform historical analyses. When a code is not in an “active cycle” – a quarter where the code did not exist on the call report – it reports a value of zero in Peer. By combining related active and retired codes into the same formula, you will be able to pull data from a range of quarters.
What if I can’t remember the old codes I want to use, but can’t do my analysis without them?
With so many changes, Callahan decided to temporarily provide both the current and previous call reports. They can be found under the Call Reports tab in the top right of Classic Peer, and under the Resources tab in the top left of Peer+. Previous call reports can also always be found on the NCUA’s website: https://www.ncua.gov/analysis/credit-union-corporate-call-report-data/call-report-forms-instructions-archive
Does this affect peer groups?
For the most part, peer groups will remain unchanged. However, if you have a custom peer group, you will need to check that any codes you used have not been retired.
The call report has changed so much. How do I know if they have the codes I need?
The call reports that Callahan makes available are entirely searchable PDFs. Much of the call report retained existing codes but moved to a different page or section, so until you become more familiar with the new call report, it is recommended that you use the search feature. You can also use the universal search bar in Classic Peer or the Formula Wizard in both Classic Peer and Peer+.
Will Callahan’s updates be in both Classic Peer and Peer+?
Yes, all updates to pre-built displays will be made in both Classic Peer and Peer+. However, updates to custom displays will need to be made by you. If you choose to share displays via the “Show in Peer+” option, changes will need to be made in only one platform. Custom peer groups are automatically shared between platforms.
The call report changes are extensive, and perfection cannot be guaranteed despite our best efforts. If you notice something we’ve missed, please email analystsupport@callahan.com and let us know.