Newsroom
July 01, 2014
NCUA eyes fines for late 1Q 5300s
July 2, 2014 – An NCUA staffer, asked about a trade report that 84 credit unions will be fined for filing late first-quarter call reports, said Tuesday that the agency was still reviewing what to do and had only told late filers what penalties "may" be assessed.
The Credit Union Journal reported information attributed to the Northwest Credit Union Association's website that said NCUA was planning to fine 84 of the institutions that filed their 1Q reports late. The story also mentioned some of the individual credit unions reportedly affected and the range of fines possible.
NCUA spokesman John Fairbanks said review was still underway but said the agency has indicated to late filers what penalties "may" be assessed.
"The process of determining what, if any, agency action will be taken against credit unions who filed their first-quarter call reports late is not yet complete," he said in a statement provided by email. "Some credit unions will be subject to civil money penalties, which are intended to encourage future compliance. 104 credit unions missed the April 25th deadline for filing.The agency is taking individual credit unions' circumstances into account before assessing penalties."
He added, "NCUA has only notified late filers of the penalty that may be assessed, but since the process is not complete, no credit union has been ‘fined' at this point."
The Credit Union Journal reported information attributed to the Northwest Credit Union Association's website that said NCUA was planning to fine 84 of the institutions that filed their 1Q reports late. The story also mentioned some of the individual credit unions reportedly affected and the range of fines possible.
NCUA spokesman John Fairbanks said review was still underway but said the agency has indicated to late filers what penalties "may" be assessed.
"The process of determining what, if any, agency action will be taken against credit unions who filed their first-quarter call reports late is not yet complete," he said in a statement provided by email. "Some credit unions will be subject to civil money penalties, which are intended to encourage future compliance. 104 credit unions missed the April 25th deadline for filing.The agency is taking individual credit unions' circumstances into account before assessing penalties."
He added, "NCUA has only notified late filers of the penalty that may be assessed, but since the process is not complete, no credit union has been ‘fined' at this point."
Share This
Related Resources
The Bottom Line on Insurance Tracking and Collateral Protection
Strategy
preferred partner
Allied Solutions
Blog Post
Resiliency In Your Incident Response Plan
Cybersecurity
preferred partner
DefenseStorm
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.