Late call report filers could be fined up to $1 million per day April 25 by the NCUA, according to a new letter to credit unions posted Thursday on the regulator's website.
The letter from Chairman Debbie Matz said that figure is a worst case scenario, but illustrates the agency is serious about cracking down on late filers. Matz said in the letter more than 1,000 federally insured credit unions of all sizes filed call reports late for third quarter 2013.
And, the problem isn't new. A large percentage of late filers were chronically late, she said, repeatedly filing after each quarterly deadline throughout the year.
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