Credit Union Could Face Civil Money Penalties for Late Call Report Submissions
In the October, 2013, Letter to Credit Unions (13-CU-11), the National Credit Union Association (NCUA), announced that call report and adjustments must be electronically filed by the fourth Friday of each month, following the end of a quarter.
This comes as a result of more than 1,000 federally insured credit unions of all asset sizes filing their call reports after the deadline for the 2013 third quarter reporting cycle.
In an effort to deter late filings, the NCUA will begin to exercise its authority to impose civil money penalties against late filers beginning with 2014’s first quarter call report and profile report cycle, which has a due date of April 25, 2014.
Federally insured credit unions that do not file timely could be penalized from $2,000 per day up to a maximum of $1 million per day, depending on the following factors:
How late the filing is
The extent of how false or misleading information provided is
Whether the filing is covered by the “unintentional” safe harbor
If the report was intentionally filed inaccurately with no plan to correct it