The NCUA reminded credit unions on Tuesday to file their callreports before the April 25 deadline to avoid penalties.
|The message was sent through the agency's CU Expressnotification system to the credit unions' board of directors andchief executive officer.
|“This is a reminder that the deadline for submitting firstquarter 2014 Call Report and Profile information is Friday, April25th (11:59:59 pm, Eastern Daylight Time),” the messagesaid. “Credit unions failing to meet the filing deadline arepotentially subject to civil money penalties.”
|In January, the NCUA announced its decision to impose penaltiesof up to $1 million per day against credit unions that miss theApril 25 deadline for filing callreports.
|“If there was a better way, I would like for somebody to tell mewhat it is because we have been warning credit unions anddiscussing this issue with them for a very long time,” Matz told CU Times. “I was really astounded todiscover that there were over 1,700 credit unions that filed latelast quarter and many of them were chronic late filers and in factthe number had gone up significantly year over year.”
|Matz added that the NCUA is not able to do its job if the creditunion data comes in late.
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