Newsroom
November 29, 2023
NCUA reinstates penalties for late call reports
The NCUA Tuesday announced it will reinstate civil money penalties for credit unions that fail to submit call reports on time, beginning Jan. 1, 2024. The penalties were suspended after the December 2019 cycle due to the pandemic.
The December 2023 Call Report will be the first reporting cycle under the reinstated program. Reports will be due by 11:59:59 p.m. Eastern on Jan. 30, 2024. The NCUA will send a reminder to credit unions with outstanding call reports one week before the due date.
The NCUA considers extenuating circumstances and will weigh mitigating when assessing penalties. Mitigating factors include:
- the size of financial resources and good faith of the credit union;
- the gravity of the violation;
- the history of previous violations; and
- other matters regarding the circumstances of late or false or misleading submissions, such as natural disasters and the incapacitation of key employees, among other factors.
More information on filing credit union call reports is available on the NCUA website.