The NCUA will impose penalties against federally insured credit unions that fail to meet filing deadlines for their 5300 Call Reports, according to a letter from NCUA Chairman Debbie Matz.
"Such late filing impacts NCUA's ability to conduct effective off-site supervision and delays the release of quarterly industry data to the general public," Matz wrote in a letter to credit unions on Jan. 15. "It is also a drain on NCUA resources, as field examiners are required to follow up with tardy FICUs."
The agency said more than 1,000 federally insured credit unions of all sizes filed call reports late for the third quarter of 2013. Credit unions that missed the Jan. 24 deadline will be issued warnings but the agency will assess fines of up to $1 million per day if the April 25 deadline is missed.
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