Filing a late credit union call report will, once again, prompt a fine from their federal regulator starting Jan. 1, the agency said Tuesday.
Civil money penalties (CMP) for credit unions for late Form 5300 Call Reports were suspended following reporting year 2019 as the coronavirus crisis raged across the country. But now that that crisis has eased, NCUA Board Chairman Todd Harper indicated in a statement, it is time now to “reinstate the program to ensure we provide credit union members, the financial services stakeholders, other regulators, and the public with the most accurate and up-to-date quarterly Call Report data on a timely basis.”
The agency will, however, provide reminder notices to credit unions, it said in a release, which will arrive to those with outstanding reports one week before the due date of Jan. 30.
The agency also recognizes “extenuating circumstances” and mitigating factors preventing timely report filing, as laid out in federal law. Those include, NCUA said:
- The size of financial resources and good faith of the credit union.
- The gravity of the violation.
- The history of previous violations.
- 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.
NCUA said the December 2023 call report will be the first reporting cycle subject to the imposition of fines for late reports. Ominously, however, the agency noted that reports for that cycle “will be due by 11:59:59 p.m. Eastern time, January 30, 2024.”
NCUA Reinstates Civil Money Penalties for Late Call Report Filing