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Comp Blog

New - April 23: NCUA Call Report Deadline

By: Danielle Wright

CommentWednesday - April 23, 2014

Deadline approaching for first quarter Call Reports

The National Credit Union Administration has issued a reminder that the deadline Call Reports is April 25 (11:59 pm Eastern Daylight time).  Credit unions failing to meet the filing deadline are potentially subject to civil money penalties:

  • Up to a maximum of $2,000 per day for each day a required report is "minimally" late or contains uncorrected false/misleading information if the late or false/misleading filing is unintentional and the credit union has reasonable procedures in place to avoid such errors;

  • Up to a maximum of $20,000 per day for each day a required report is late or contains false/misleading information if the late or false/misleading filing is not covered by the "unintentional" safe harbor outlined above; or

  • Up to a maximum of $1 million, or 1% of total assets, whichever is less, per day if a federally insured credit union knowingly or with reckless disregard for accuracy submits a false or misleading report and fails to correct it.

If you would like more information see NCUA’s Letter to Credit Unions (14-CU-03).






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