WASHINGTON – The NCUA’s plan to fine late call report filers is a clear case of "regulatory overreach," CUNA President/CEO Bill Cheney said in this week's The Cheney Report.
In a Letter to Credit Unions (14-CU-03) released last week, the NCUA said it plans to charge late filers a minimum of $2,000 per day and a maximum of $1 million per day for various late filing offenses.
Cheney notes that the agency justified the assessment of the civil money penalties by noting more than 1,000 federally insured credit unions of all asset sizes filed their call reports after the 2013 third quarter deadline had passed, with a large percentage of these late filers being chronically late.
"We understand the need for the agency to obtain information in a timely manner—but these penalties are just not necessary," Cheney says. "Education for credit unions, including being sure they are aware of their reporting requirements, should be the keys to addressing problems—not punitive charges," he added.
"We're pushing back with NCUA about the imposition of this program," Cheney says.
Other issues addressed in this week's Report include:
For the full Cheney Report, use the resource link.
The start of a new round of "Don't Tax My Credit Union" advocacy;
CUNA regulatory relief outreach results; and
Items on the NCUA board agenda.