New software imports information directly from credit unions’ general ledgers.
Of the 56 late filing credit unions, 20 were excused, 28 consented to fines, and eight refused and will receive administrative hearings.
Only two of the 44 late in the second quarter are repeat offenders from the first quarter.
The proposed annual report requires data that could be gained from existing call reports.
As community bankers push for call report reform, credit unions share their frustrations with the NCUA's process.
On the heels of an ICBA survey about bank call report burdens, CUNA will measure the impact of 5300 reports and Form 4501A.
The average fine per credit union is just $243.
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.