Credit union trade organizations criticized the penalties theNCUA will impose against federally insured credit unions that failto meet filing deadlines for call reports.

NCUA Chairman Debbie Matz said the regulator is implementing thefines to deter late filing.

“Such late filing impacts NCUA's ability to conduct effectiveoff-site supervision anddelays the release of quarterly industry data to the generalpublic,” Matz wrote in a letter to credit unions on Wednesday. “Itis also a drain on NCUA resources, as field examiners are requiredto follow-up with tardy FICUs.”

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Credit Union Management
Regulatory & Compliance