Mon, Jan 27, 2014
Washington, District Of Columbia
Late filings of quarterly Call Report and Profile data have become a serious problem. For the third-quarter 2013 reporting cycle (submissions for which were due October 22nd), more than 1,000 federally insured credit unions (FICUs) of all asset sizes filed their Call Reports after the deadline had passed.1 (See enclosure).
A large percentage of late filers were chronically late, repeatedly filing after each quarterly deadline throughout the year. 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. It is also a drain on NCUA resources, as field examiners are required to follow-up with tardy FICUs.
As announced in an October 2013 Letter to Credit Unions (13-CU-11), Call Reports must be filed electronically starting this month. NCUA has also adjusted Call Report and Profile submission due dates to the fourth Friday of each month following the end of a quarter, thereby giving credit unions more time to file.
Finally, NCUA will begin to exercise its authority to impose civil money penalties against FICUs that do not meet the quarterly filing deadlines.