Procrastinators Beware!

The NCUA has announced they will begin to fine credit unions that submit late call reports. In addition to the requirement for all FICUs to file their reports electronically beginning  January 24, 2014 (that’s in two days for you procrastinators out there),  the NCUA also announced civil money penalties could be assessed for late filers. Any FISCU filing the  January 24th report late will have a warning letter sent to the CEO and Board of Directors. The NCUA states in their January 2014 Report that those that are late with the April filing could face penalties for each day a required report is late or contains inaccurate information. The penalty will vary based on the reason for the delay or inaccuracy, ranging from $10 per day to a maximum of $1 million per day (or one percent of total assets, whichever is less). The NCUA has also stated it will publish the names of those credit unions subject to the fine.

You can access the NCUA Report here.

Below are the filing dates for 2014.

Call Report Cycle
Due Date
December 31, 2013
January 24, 2014
March 31, 2014
April 25, 2014
June 30, 2014
July 25, 2014
September 30, 2014
October 24, 2014
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First Letter to Credit Unions of 2014 on CFPB Mortgage Changes

If you live in the Mid-West you may have been too busy shoveling snow or fighting frigid temperatures to notice the NCUA released the first Letter to Credit Unions of 2014. The letter, addressing Qualified Mortgages and the Ability to Repay, solidifies the NCUA’s intent to take into consideration a credit union’s good faith efforts to comply with the new CFPB rules. The letter also states “examiners will be evaluating credit risk, liquidity risk, and concentration risk” whether your credit union issues Qualified or Non-Qualified Mortgages. The full letter can be accessed here.

The NCUA also put out a Regulatory Alert that is an excellent resource for those still grappling with the changes. Some of the topics covered include a breakdown of which loans are covered by the rule, Ability to Repay requirements and safe harbor information. You can read the full letter and the enclosures here.

The new rules go into effect on January 10, 2014. For more information on the CFPB rules, click here.

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