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561 credit unions filed late call reports: NCUA

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr by. Nicholas BallasyDespite the NCUA’s decision to enforce penalties against late call report filers, the agency said on Wednesday hundreds of credit unions have filed late for the fourth quarter of 2013.However, the number of credit unions filing late dropped more than two-thirds from the 1,744 late filers at the end of 2012.“A total of 561 federally insured credit unions filed their fourth-quarter Call Reports late or made corrections after the Jan. 24, 2014, deadline,” said NCUA Board Chairman Debbie Matz in a release. “This number is unnecessarily high and unacceptable.”According to the NCUA, an average of 1,048 credit unions did not file on time for the first three quarters of 2013.Matz sent a letter to credit unions in January announcing that the agency would impose civil money penalties on credit unions that file call reports late, starting with the first quarter of 2014.“Penalties would be assessed per day according to ranges set out in the Federal Credit Union Act, but NCUA would ‘consider mitigating factors,’ such as a credit union’s filing history, the gravity of the violation, and other circumstances, such as a natural disaster that prevented timely filing,” said an agency press release. continue reading »last_img

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