NCUA Reinstates Civil Money Penalties for Late Call Report Filing

Summary:

The National Credit Union Administration (NCUA) has reinstated the credit union Call Report program, which was suspended due to the COVID-19 pandemic. The program aims to provide accurate and timely quarterly data for credit unions, regulators, and the public. The first reporting cycle under the reinstated program is scheduled for January 30, 2024, with a deadline of 11:59 p.m. Eastern time. To assist credit unions in avoiding penalties, the NCUA will send reminders one week prior to the due date. The agency considers mitigating factors, outlined in Section 206 of the Federal Credit Union Act, when assessing penalties for late or false submissions.