WASHINGTON (4/4/14)--First quarter Call Reports are due to the National Credit Union Administration April 25, and that deadline must be met to avoid a potential civil money penalty, the Credit Union National Association is reminding credit unions.
The NCUA put late-filers on notice in January with a Letter to Credit Unions (14-CU-03). The agency called filing tardiness a "a serious problem" that impacts its ability to conduct effective off-site supervision and drains agency resources. Late filings also delay the release of quarterly industry data to the general public.
"The NCUA has made it abundantly clear that it will not condone late reports any longer," said CUNA Assistant General Counsel Lance Noggle.
"The agency, in effect, fired a warning shot last quarter by sending late-filers a warning letter. And the warning is that any subsequent late filings could be subject to civil money penalties," Noggle added.
Potential penalties for late filers include:
To determine the size of the fine, the NCUA said it will consider:
Proceeds from the fines will go to the U.S. Treasury, the NCUA said.