Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Today marks an NCUA late-filer deadline
ALEXANDRIA, Va. (7/16/14)--Credit unions that were late filing their first quarter call reports and have received letters from the National Credit Union Administration describing penalties the agency is planning to assess have until close of business today to submit an agreement of consent with the regulator.

Credit unions that do not file their 5300 reports on a timely basis and  evade the consent agreement could possibly find they are subject to other agency sanctions .

According to the NCUA, 104 credit unions filed late in the first quarter, down 80% from the previous quarter but unacceptable still to the NCUA with a stated goal of 100% compliance.

The NCUA announced civil money penalties for late filers in January, with several exceptions made for credit unions able to document filing hardships, such as a natural disaster or an unforeseen incapacitation of a key employee ( News Now Jan. 16). However, for the most part penalties will  be assessed per day according to ranges set out in the Federal Credit Union Act and based on a credit union's asset size.

The NCUA explains its zero-tolerance policy by noting late filings impact its ability to conduct effective off-site supervision and delay the release of quarterly industry data to the general public.

The NCUA is expected to have final information on late filers posted on its website within the next few days. Second quarter call report filings are due July 25.


RSS print
News Now LiveWire
NCUA re-schedules start of tomorrow's closed meeting to 9 a.m. ET. Open meeting still at 10 a.m. ET.
15 hours ago
.@lisamurkowski @SenatorEnzi @SenJohnBarrasso are latest to weigh in on NCUA risk-based capital proposal. See #NewsNow tomorrow for more
16 hours ago
Now up on News Now: Fed stays course on taper, interest rates http://t.co/6DntsW58vA
18 hours ago
Positive performance indicators and the potential for rising interest rates in @TheNCUA 's latest economic update. http://t.co/yptPbIGvnU
20 hours ago
The @CFPB has launched a nationwide effort to provide financial education. http://t.co/sF3FXHpv3k
21 hours ago