How many times have you dreaded the quarterly 5300 Call Report? Not only can it be very time consuming and exasperating but now your credit union could face hefty fines if not turned in on time.
A January article posted by the Credit Union Times indicates just how serious these fines can be.
More than 1,000 federally insured credit unions of all sizes filed call reports late for the third quarter of 2013. Credit unions that missed the January 24 deadline will be issued warnings but the agency will assess fines of up to $1 million per day if the April 25 deadline is missed.
“Such late filing impacts NCUA’s ability to conduct effective off-site supervision and delays the release of quarterly industry data to the general public,” Matz wrote in a letter to credit unions on January 15. “It is also a drain on NCUA resources, as field examiners are required to follow up with tardy FICUs.”
To read more of this article on the call report crackdown click here.
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