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Fines, Mergers, and Growth

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By Erin OHern    No Comments

Following the warning in January NCUA has started the process of assessing civil money penalties against credit unions that failed to file the call report on time. NCUA is reviewing each late filing to determine the amount of the penalty and whether any mitigating factors exist. The 104 Credit unions that filed late will soon be receiving letters from the agency describing the penalty.

Don’t forget the next call report filing deadline is July 25! NCUA is looking for 100 percent compliance with the filing deadline and will likely continue assessing penalties against credit unions that file late.

NCUA also recently released a new guide to mergers to better explain the process as well as important issues to consider when determining whether a merger is appropriate. Unfortunately, between 2003 and 2012, there were 2,463 credit union mergers. However, NCUA also released the first quarter state data that shows loan and membership growth are continuing for the credit union industry.

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