The National Credit Union Administration has issued a third letter this month, “Civil Money Penalties to be Assessed for Late Call Report and Profile Submissions in 2014.” In the letter, NCUA Chair Debbie Matz explains that late filings of quarterly Call Report and Profile data have become a serious problem.
“For the third-quarter 2013 reporting cycle (submissions for which were due October 22nd), more than 1,000 federally insured credit unions (FICUs) of all asset sizes filed their Call Reports after the deadline had passed,” Matz noted. “A large percentage of late filers were chronically late, repeatedly filing after each quarterly deadline throughout the year. 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.”
Matz said it’s also a drain on the agency’s resources, as field examiners are required to follow-up with tardy FICUs.
In the letter, Matz said the NCUA will begin to exercise its authority to impose civil money penalties against FICUs that do not meet the quarterly filing deadlines. Click here to read the full letter.