Late Call Report Filers Could Face $1 Million-Per-Day Fine - Web Only Article | Credit Union Journal

ALEXANDRIA, Va. -- NCUA wants to make sure credit unions file their call reports on time, stating in a new letter that late filers could face a $1 million-per-day fine from the agency for each day the call report is late.

Fines would begin after the April 25, 2014, filing date. CUs that file late this month, after Jan. 24, will receive a warning letter. Chairman Debbie Matz explained in the letter, posted Thursday on the agency’s website, that $1 million daily is the maximum fine.

Matz said that late filings of quarterly call report and profile data have become “a serious problem.” For the third-quarter 2013 reporting cycle, more than 1,000 federally insured credit unions, ranging from large to small, filed their reports after the Oct. 22 deadline.

Late Call Report Filers Could Face $1 Million-Per-Day Fine - Web Only Article | Credit Union Journal