Burdensome call reports are also a problem for credit unions, says a credit union executive at an NCUA Listening Session.
The 84 credit unions that face fines for late call reports can sign a consent form and pay fines. Or, they can fight them and pay dearly.
Eighty-four credit unions face fines up to $106K for late call reports. Fighting the NCUA could cost them.
Agency representative says news reports that 84 credit unions face late call report fines are inaccurate.
After 1 in 7 credit unions filed quarterly 5300 reports late, the NCUA announces it will start fining violators.
Proposal was part of 5300 Call Report changes but pulled after public comment.
Total assets officially topped $1 trillion and net worth reached a new high of $100.3 billion, according to Call Report data released Friday.