NEWS: The NCUA announced today that it will reinstate assessing civil money penalties for credit unions failing to submit their Call Reports on time, effective January 1, 2024.
The December 2023 Call Report will be the first reporting cycle under the reinstated program and will be due by January 30, 2024.
As you may recall, the program was suspended due to the COVID-19 pandemic. The program is being reinstated to provide members, regulators, and the public with up-to-date quarterly Call Report data on a timely basis.
The NCUA will:
- Remind credit unions with outstanding Call Reports one week before the due date.
- Consider extenuating circumstances when assessing penalties and will weigh mitigating factors such as:
- The size of financial resources and good faith of the credit union.
- The gravity of the violation.
- 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 can be found on NCUA’s website.