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NCUA Reinstates Civil Money Penalties for Late Call Report Filing

The National Credit Union Administration has announced that it will reinstate assessing civil money penalties for credit unions failing to submit NCUA Form 5300 Call Report on time, effective January 1, 2024.

“The program was suspended after the December 2019 cycle due to the COVID-19 pandemic,” NCUA Chairman Todd M. Harper said. “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.”

The December 2023 Call Report will be the first reporting cycle under the reinstated program and will be due by 11:59:59 p.m. Eastern time, January 30, 2024.

To assist credit unions in avoiding a penalty, the NCUA will send a reminder to credit unions with outstanding Call Reports one week before the due date.

The NCUA considers extenuating circumstances and will weigh mitigating factors outlined in Section 206 of the Federal Credit Union Act when assessing penalties. These mitigating factors include:

  • 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.

More information on filing credit union Call Reports is available on the NCUA website.

Access the ‘Compliance Hotline’
Your League-member benefits include the Compliance Hotline — providing exclusive access to dedicated compliance experts:

Using the above phone number and email address, you can gain access to a knowledgeable team that’s ready to address all your credit union’s compliance inquiries — promptly and efficiently. With the Compliance Hotline, you can proactively respond to impromptu questions and issues by getting clarity and insight on technical topics that normally slow you down. We want to help you unlock the full potential of your League membership by leveraging the resources and support you need to navigate the complex world of compliance effortlessly. We’re ALWAYS just a phone call or email away!

Additionally, other League-member compliance resources include:

  • ViClarity
  • CU PolicyPro
  • ComplySight
  • InfoSight
  • CU Store
  • Record Retention Guide
  • GRC Technology Solutions

For more information, email Lisa Quaranta.

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