ALEXANDRIA, Va. (1/16/14)--Procrastinators beware: The National Credit Union Administration will begin to impose civil money penalties against federally insured credit unions (FICUs) that do not meet their quarterly call report filing deadlines.
In a Letter to Credit Unions (14-CU-03) released last night, the NCUA called tardy filing is "a serious problem" and financial penalties will be assessed starting in the second quarter of this year.
The agency first informed credit unions of its plan to charge such fees in a letter to credit unions in October.
The agency reported that more than 1,000 FICUs of all asset sizes filed their call reports after the 2013 third quarter deadline had passed, with a large percentage of these late filers being chronically late. "Such late filing impacts NCUA's ability to conduct effective off-site supervision and delays the release of quarterly industry data to the general public," and is a drain on NCUA resources.
The agency said it plans to charge:
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.
Those that file late in the 2014 first quarter will receive warning letters with an estimate of what the assessed penalty would have been.
The Call Report filing deadlines for 2014 are:
For the full NCUA letter, use the resource link.