Form FAQs

 FI-52203 - Credit Unions

 Categories

• Sector Questions
• Form Questions

 Questions

• Sector Questions

1.  Which finance or insurance form should I use?
2.  If I don't have information should I leave it blank?
3.  What should I report for revenue (Item 5)?
4.  What if I don't have any revenue (Item 5)?
5.  How should I report detail of sales, shipments, receipts, or revenue (Item 22)?
6.  How are holding companies classified?



• Form Questions

7.  What is a Federal credit union (Item 19)?
8.  What is a community development credit union (Item 19)?
9.  What is a corporate credit union (Item 19)?
10.  What is financing related to securities (Item 22)?
11.  What are cash handling and management products (Item 22)?
12.  What are Automated Clearinghouse (ACH) products - fees (Item 22)?
13.  Where should I report interest income earned from bank-held investments (Item 22)?
14.  What are document payment products (Item 22)?

 Answers

• Sector Questions




1.  Which finance or insurance form should I use?

Please use the census form(s) that you received. Completing and submitting the form you received will expedite your response, and any FI-52xxx form should be effective to provide information for any finance or insurance establishment. Please use the "Other..." category if necessary (for example, for Item 19 or 22), and include any needed explanation of your responses in the "Remarks" section available on most forms (after Item 29). If you need forms, please contact us.

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2.  If I don't have information should I leave it blank?

No. Please provide your best estimate of any item that is not available in your business records. We find that your best estimate is much better than no information at all. If you do provide estimates, use the "Remarks" section available on most forms (after Item 29) to identify and explain them.

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3.  What should I report for revenue (Item 5)?

Please report revenue on a gross (not net) basis. However, revenue for some establishments, such as brokers and dealers in products, should be reported on a net basis. Review your Information Sheet for examples of how to report revenue(s) in Items 5 and 22.

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4.  What if I don't have any revenue (Item 5)?

Please review your Information Sheet and census form, for both Items 5 and 22. If your establishment did not generate any revenue during 2007, please report zero in Items 5 and 22 and use the "Remarks" section, available on most forms (after Item 29), to identify and explain your report.

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5.  How should I report detail of sales, shipments, receipts, or revenue (Item 22)?

Please report for each listed service product that accounted for at least 1 percent of the establishment's total sales or revenue reported in Item 5, and provide the subtotals requested for selected sub-items. Report figures in either whole dollars or whole percentages, and assure that the total for all sub-items reported equals the dollar amount reported in Item 5 or 100 percent. Also, review your Information Sheet and census form information for Item 22 to find more complete instructions on how to report specific sub-items.

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6.  How are holding companies classified?

Holding companies, including finance and insurance holding companies, are classified in NAICS sector 55, Management of Companies and Enterprises. Bank, non-bank, and active management companies are included in sector 55 and will receive a census form numbered MN-55xxx.

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• Form Questions




7.  What is a Federal credit union (Item 19)?

A Federal credit union is a financial cooperative that is chartered by the Federal government. It primarily sells shares, grants withdrawals, makes loans, and provides other financial services to its members.

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8.  What is a community development credit union (Item 19)?

A community development credit union serves primarily low-income members in economically distressed and financially underserved areas, and raises capital from a variety of non-member organizations and investors.

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9.  What is a corporate credit union (Item 19)?

A corporate credit union is a credit union for credit unions. It is a membership organization, its members are credit unions, and it provides investment, liquidity, and payment services to its members. Corporate credit unions do not serve the general public.

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10.  What is financing related to securities (Item 22)?

Financing related to securities consists of securities lending fees (including securities borrowed from a broker’s inventory and margin accounts), repurchase agreements, and other financing related to securities.

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11.  What are cash handling and management products (Item 22)?

Cash handling and management products include business account and cash management service fees, correspondent account product service fees, and other cash handling and management product fees.

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12.  What are Automated Clearinghouse (ACH) products - fees (Item 22)?

Automated Clearinghouse (ACH) products - fees include payroll deposit fees, bill and utility payment fees, and other Automated Clearinghouse fees.

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13.  Where should I report interest income earned from bank-held investments (Item 22)?

All revenue earned from bank-held debt investments, including interest, would be reported on Line 8 - Trading debt instruments on own account - net gains (losses).

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14.  What are document payment products (Item 22)?

Document payment products are services that provide documents that can be used as payment instruments, such as cashiers and certified check fees, money orders, traveler's checks, and letters of credit.

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