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CUs ENGAGE IN THEIR COMMUNITIES
01/05/15 02:22 PM
Holiday Fundraisers, Toy Drives
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From the Editors of CU Weekly
Q1 CALL REPORTS DUE APRIL 25
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.