Coronavirus pushes NCUA to relax rule on late call report fees
The National Credit Union Administration is easing up on call report late fees — at least temporarily.
Following several years of tardy call reports — including 2013, when more than 1,000 credit unions filed after the regulator’s deadline — NCUA started instituting civil monetary penalties in 2014 for institutions that filed late. While it took a few years to get the matter under control, only a handful of CUs file late call reports each quarter now, and those institutions tend to be on the smaller side.
The coronavirus has pushed the agency to rethink that rule on a short-term basis.
An April 17 NCUA letter to credit unions said the regulator will not take any action against credit unions that submit their first-quarter call reports late, provided they are filed no later than May 26, which is 30 days after the agency’s official filing date of April 26.
“In recognition that some credit unions may experience operational disruptions due to the impact of COVID-19, the NCUA joined the federal financial institution regulatory agencies in issuing an interagency press release recognizing that financial institutions, including credit unions, may need additional time to submit a quarterly call report,” NCUA wrote.
Just six credit unions filed late call reports for Q2 2019, the most recent data available, and paid just over $2,250 to the U.S. Treasury in fines.