The National Credit Union Association (NCUA) announced that civil money penalties will be applied to Credit Unions who fail to meet deadlines for NCUA Form 5300 Call Report submissions, starting January 1, 2024. (1)
Credit Unions have not accrued penalties for late submissions since the December 2019 cycle during the COVID-19 pandemic. NCUA Chairman Todd M. Harper states, “It is now time 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.” (1)
The first reporting cycle that falls under these reinstated regulations is the December 2023 Call Report—due on January 30, 2024. The NCUA has stated that they will issue a reminder to all outstanding Credit Unions one week prior to the deadline. (1)
Mitigating factors include:
· The size of financial resources and the 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. (1)
Read the press release here.
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Sources
1. NCUA Reinstates Civil Money Penalties for Late Call Report Filing | NCUA. (2023, November 28). Ncua.gov. https://ncua.gov/newsroom/press-release/2023/ncua-reinstates-civil-money-penalties-late-call-report-filing#:~:text=(Nov.