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Q1 CALL REPORTS DUE APRIL 25
updated 04/04/14 10:42 AM
Avoid Penalty Fees
Attention credit unions! First quarter Call Reports are due to the National Credit Union Administration (NCUA) on April 25. Failure to meet the deadline may result in a civil money penalty.

  • Up to a maximum of $1 million, or 1 percent of total assets, whichever is less, per day if a federally insured credit union knowingly or with reckless disregard for accuracy submits a false or misleading report and fails to correct it.
  • " rows="5" cols="100" WRAP="physical">Potential penalties for late filers include:
    • Up to a maximum of $2,000 per day for each day a required report is minimally late or contains uncorrected false/misleading information if the late or false/misleading filing is unintentional and the credit union has reasonable procedures in place to avoid such errors.
    • Up to a maximum of $20,000 per day for each day a required report is late or contains false/misleading information if the late or false/misleading filing is not covered by the "unintentional" safe harbor outlined above.
    • Up to a maximum of $1 million, or 1 percent of total assets, whichever is less, per day if a federally insured credit union knowingly or with reckless disregard for accuracy submits a false or misleading report and fails to correct it.

    The size of the fine will take into consideration the size of financial resources and good faith of the credit union, the gravity of the violation, the history of previous violations, and other circumstances.

     
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    WEEKLY E-FILING BILL SIGNED INTO LAW updated 08/28/14 02:18 PM
    Will Streamline Reports for CUs
    California Gov. Jerry Brown has signed Assembly Bill 2298, legislation that will allow financial institutions which hold local agency deposits to submit their weekly reports to the California Department of Business Oversight (DBO) electronically rather than through U.S. mail.

    NEW STATE LAWMAKERS SHAPE DIRECTION updated 08/27/14 08:24 PM
    California Assembly and Senate
    New leadership in California will help form the state’s priorities in the coming years. Here’s what your credit union needs to know:

    CFPB ISSUES FINAL 'TILA' ADJUSTMENTS updated 08/24/14 11:35 AM
    Rule Reviews Dollar Amounts
    The Consumer Financial Protection Bureau (CFPB) is issuing its final rule on Truth in Lending Act (TILA) annual threshold adjustments, amending the regulatory text and official interpretations for Regulation Z, which implements TILA.

    NIGHTTIME GOLF TOURNAMENT COMING updated 08/22/14 04:41 PM
    Funds Benefit League PAC
    Beat the heat and golf by moonlight! The Southern Nevada Chapter of the Nevada Credit Union League is bringing back the PAC Nighttime Golf Tournament on Saturday, Oct. 4 at the Boulder City Municipal Golf Course. Shotgun start is at 6:30 p.m.