ALEXANDRIA, Va. (4/23/14)--The National Credit Union Administration is circulating this reminder and warning: Credit unions failing to meet the April 25 call report filing deadline are potentially subject to civil money penalties.
The NCUA put late-filers on notice in January with a Letter to Credit Unions (14-CU-03). The agency called filing tardiness 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 attached that January letter to the reminder its sent Tuesday to credit union directors and CEOs.
Potential penalties for late filers include:
Use the resource link to access the NCUA Letter to Credit Unions (14-CU-03).