Member Driven Technologies (MDT), a CUSO providing credit unions with a secure, private cloud alternative for core banking and IT needs, today announced its partnership with Fed Reporter to offer credit union clients advanced tools for National Credit Union Association (NCUA) regulatory reporting. DataLink CU and Call Report Pro CU solutions enable the quick and efficient preparation and filing of quarterly NCUA reports.
Fed Reporter’s DataLink CU and Call Report PRO CU solutions incorporate automation into credit unions’ regulatory report preparation, allowing them to create 5300 Call Reports with speed and accuracy. Reports are then filed electronically. The tools provide credit unions with an easily digestible view of NCUA line item instructions, a display of historical data by line item and the option to include notes. The solutions also incorporate more than 1,600 NCUA edit checks to reduce errors and increase credit unions’ level of confidence in their compliance.
“These reporting solutions have saved us time and boosted accuracy of our regulatory reports,” said Kimberly Witt, chief financial officer of MTC Federal Credit Union. “If credit unions are willing to invest time into the tools upfront, it pays back dividends on the backend. With the Fed Reporter solutions, we can prepare our 5300 Call Report in a fraction of the time it used to take us, and we haven’t had a single exception since implementation.”
President of Fed Reporter, Phil Templer, said, “We look forward to working with the talented team at MDT to help their clients automate a significant portion of the preparation of their quarterly NCUA Call Report. Use of our Datalink CU and Call Report Pro CU can greatly reduce the burden of report generation in addition to increasing overall reporting accuracy.”
The call reporting software integrates with Symitar’s Episys® core processing platform to easily extract data – another efficiency benefit for MDT clients. The software also accepts third-party files as a data source, making it even simpler to gather all of the necessary information to file Call Reports from a single source. Call Report Pro CU and DataLink CU offer credit unions options for presentation-quality reports, including the ability to review peer credit union data, such as comparative analysis, peer analysis and ratio review.
“In today’s complex compliance landscape, credit unions must be able to manage call reports quickly and accurately,” stated Larry Nichols, CEO at MDT. “By offering our clients these call report tools, NCUA reports can be completed in a more reliable and timely manner, allowing credit unions to spend less time on regulatory filings and more time serving members and building relationships throughout their communities.”