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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:
To assist you meet your filing deadlines and avoid call report penalties, the NCUA offers a number of resources on it website. If you should have any questions about how this may impact your credit union, please contact our Financial Institutions Group specialist in Michigan, Houston or Ft. Lauderdale..
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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