1Q23 Call Report Changes - Frequently Asked Questions
The NCUA approved minor revisions in 1Q23 pertaining mostly to new CECL regulations. This includes the removal, addition, and modification of 55 combined account codes. You can view the list of changes on the NCUA’s website here.
When it comes to Callahan’s performance benchmarking tools, you can rest easy knowing our team of experts take pride in keeping up with the latest changes. This ensures that built in codes, defined facts, formulas and displays you rely on are always up to date. This includes Peer Suite, Peer Classic, CUAnalyzer, CUTarget and Branch Analyzer.
However, if you've created custom formulas, displays, defined facts, or added changed codes to peer group criteria, this will need to be reviewed and updated by you due to the sheer quantity across the board. If you need help with your custom creations, please reach out to support@callahan.com.
You've Got Questions - We've Got Answers
In this article, we’ll answer the most common questions we hear from clients on how call report changes impact their experience in Callahan’s benchmarking solutions.
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Formulas, Codes, and Defined Facts
Are defined facts impacted?
Defined facts created by Callahan will be updated by our expert team. However, if you have created defined facts of your own containing changed codes, you will need to update for accurate reporting.
What's A Defined Fact? 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.
Click here to review the Callahan's Defined Fact Dictionary and check back regularly for new defined facts.
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 Data Sources tab in the top navigation of Peer Suite (or under the Call Reports tab in the top right of Classic 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.
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 Suite.
Displays & Reports
How will this be reflected in built-in displays?
Callahan has updated the built-in displays in Peer Suite, Peer Classic, 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 4Q22.
This built-in display looks wrong. What happened?
While all built-in displays have been updated in 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 4Q22 and 1Q23. Callahan has matched built-in 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 modifications of the 5300 Call Report in 2023 changed a few formulas as many were added, retired, or modified. While we worked to address this in the built-in 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. Additionally, please reach out to your Callahan Account Manager for information on utilizing Analyst Hours to have us update your displays on your behalf.
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.
Peer Groups
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've added to your criteria filters have not been retired.
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.