Newsroom
May 23, 2014
NCUA to fine late 1Q 5300 filers
May 27, 2014 – NCUA is beginning the process of assessing civil money penalties to those credit unions that filed late call reports in the first quarter of 2014, which the agency said amounts to more than 100 credit unions.
"The goal is full compliance," NCUA Board Chairman Debbie Matz said in a statement. "More credit unions filed their Call Reports in a timely fashion, but 104 late filers is still far too many. It was particularly troubling that most of the credit unions that filed late for the first quarter had not done so the previous quarter, so they came in late even after NCUA brought this issue to their attention and announced plans for assessing penalties."
The number of credit unions filing late call reports for the first quarter fell by more than 80 percent from the previous quarter, the agency said. Of the 104 credit unions that filed their call reports late in the first quarter, 85 had been on time the previous quarter and 93 had assets of less than $50 million.
In January, Matz sent a Letter to Credit Unions 14-CU-03 acknowledging that late filing of call reports was a problem. The letter said credit unions that file call reports late, starting with the first quarter of 2014, will be served civil money penalties. Credit unions late on their 5300 report filings will receive a warning letter from NCUA; subsequent late filers will be subject to civil money penalties.
"The goal is full compliance," NCUA Board Chairman Debbie Matz said in a statement. "More credit unions filed their Call Reports in a timely fashion, but 104 late filers is still far too many. It was particularly troubling that most of the credit unions that filed late for the first quarter had not done so the previous quarter, so they came in late even after NCUA brought this issue to their attention and announced plans for assessing penalties."
The number of credit unions filing late call reports for the first quarter fell by more than 80 percent from the previous quarter, the agency said. Of the 104 credit unions that filed their call reports late in the first quarter, 85 had been on time the previous quarter and 93 had assets of less than $50 million.
In January, Matz sent a Letter to Credit Unions 14-CU-03 acknowledging that late filing of call reports was a problem. The letter said credit unions that file call reports late, starting with the first quarter of 2014, will be served civil money penalties. Credit unions late on their 5300 report filings will receive a warning letter from NCUA; subsequent late filers will be subject to civil money penalties.
Share This
Related Resources
Resiliency In Your Incident Response Plan
Cybersecurity
preferred partner
DefenseStorm
Blog Post
The Bottom Line on Insurance Tracking and Collateral Protection
Strategy
preferred partner
Allied Solutions
Blog Post
Add to Calendar 2024-04-15 09:00:00 2024-04-15 09:00:00 Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs Listen On: Key Takeaways: [03:50] With the merger of a smaller credit union into a larger one you are really only dealing with integrating staff into the larger credit union. [05:53] When working with a merger of equals we start with a deep dive into the executive compensation and benefits of each organization. [09:09] If your current executive benefits provider doesn’t conduct regular plan evaluations, consider having a plan audit anyway. [13:46] Don’t overpay for these things if you don’t have to. When you have more options available that means the cost is more appropriate. [17:11] It is in a unified organization’s best interest to do tier timelines where we look at your top executives who are critical to the unified organization’s success today and then slowly add in the next levels. Web NAFCU digital@nafcu.org America/New_York public
Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs
preferred partner
Gallagher
Podcast
Add to Calendar 2024-04-11 14:00:00 2024-04-11 14:00:00 Regulation E: Impacts Across Your Institution Dive into regulatory excellence with, Regulation E: Impacts Across Your Institution. This webinar is tailored to empower you with the knowledge and strategies necessary to effectively implement the Electronic Funds Transfer Act (EFTA) and Regulation E within your operations. You’ll explore how to apply Regulation E across various business areas to ensure compliance obligations are met with precision. Key Takeaways Learn the basics of EFTA and Regulation E Understand how to apply Regulation E at your organization to detect processes and transactions that require Regulation E compliance Discover how Regulation E may apply to a large breath of areas in your institutions and functions for which you may rely on third-party vendors Review recent enforcement activity for non-compliance with EFTA and Regulation E Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until April 11, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Regulation E: Impacts Across Your Institution
Credits: NCCO, NCRM
Webinar
Get daily updates.
Subscribe to NAFCU today.