Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

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
RT @cumagazine: Make a good impression during your #CUNAGAC Hill visits: 8 tips http://t.co/C4gtRbQG2s
15 minutes ago
Taking a walkthrough before #CUNAGAC starts this weekend. http://t.co/k9hktHjm9b
1 hour ago
There will be lots of social media action at 2015 #CUNAGAC that starts in D.C. this Sunday. http://t.co/vyP4XbtFbk
1 hour ago
.@AACUC1 is part of a group of credit union organizations to introduce a new mentor program for small credit unions http://t.co/2vFE45ZnEW
1 hour ago
Perk up after Daylight Saving switch Sunday with #WescomKindness from @TheCoffeeBean @Liz_Wescom
2 hours ago