In the aftermath of Hurricane Michael, the NCUA is receiving calls from credit unions asking whether they will be fined if they cannot submit their Sept. 30, 2018, call report by the deadline. Per communications with NCUA’s Office of Examination and Insurance, NCUA will not be preemptively extending due dates for call reporting. However, hurricane impact will be considered before any fees/penalties are assessed, consistent with information released by the FFIEC interagency last week.
Below is an excerpt from the FFIEC interagency information.
Regulatory Reporting Requirements: Institutions affected by Hurricane Michael that expect to encounter difficulty meeting the agencies’ reporting requirements should contact their primary federal and/or state regulator to discuss their situation. The agencies do not expect to assess penalties or take other supervisory action against institutions that take reasonable and prudent steps to comply with the agencies’ regulatory reporting requirements if those institutions are unable to fully satisfy those requirements because of the effects of Hurricane Michael. The agencies’ staffs stand ready to work with affected institutions that may be experiencing problems fulfilling their reporting responsibilities, taking into account each institution’s particular circumstances, including the status of its reporting and record-keeping systems and the condition of its underlying financial records.
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