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| "We "fine"-ally received your Call Report!" |
Ted Knutson had an interesting, short blurb in the CU Journal on February13, 2014 ("Late Call Report Fines Start Next Quarter: Matz").
The "yack" was about the late filing by credit unions of 5300 Quarterly Call Reports. According to NCUA's latest edict over 1100 credit unions ( about 15% of all CUs) were "late filers" at September 30, 2013 and NCUA will begin fining (..."up to $1 million"...) tardy folks at March 31.
Thought there were three interesting omissions in Mr. Knutson's piece:
1) How many credit unions filed late at December 31, 2013? NCUA has that answer already and has even promised to publicly "name and shame" late filers going forward, so it can't be a secret! How many?
2) "FDIC had zero tardy reports from its banks for the same period". What is the unstated message in that comment about a) the effectiveness of NCUA and b) the respect credit unions have for the Agency? Is "late filing" the real problem or a symptom of something a little more serious?
And lastly...
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| "I am the walrus, cu-cu-ka-choo..." |
Madame Chair, with all due respect, the frustration is mutual among many, many credit unions....
4 comments:
What good is filing quarterly at the NCUA if no one reads them? Case in point: Telesis CU filed quarterly since September 2007 through the date of NCUA conservatorship March, 2012. That is 48 quarterly reports. All the while Telesis was consistently CAMEL 4 or 5. Management, Earnings & Liquidity were all rated 4 or 5. And it took the NCUA 6 years to act on these filthy stinking quarterly reports before placing Telesis into conservatorship! All I know is what I read in the OIG Material Loss Report (#OIG-13-05). Telesis CEO Grace Mayo 2010 compensation: $2,163,274 and Telesis Credit Union 2010 net income was negative: -$11,207,887. Not too shabby! Not sure the quarterly reports added robustly to the NCUA fund of knowledge.
Stuart wanted you to know that the # of call reports should read 24 not 48 above..
Stuart just got a little too excited while typing something about NCUA…
If you haven't noticed, NCUA always makes Stuart hyper-ventilate; so think we can overlook his keystroke madness… after all its hard to "spellcheck" "48"!
IT'S 24!!! Got it?? 24 not 48 !
Believe Ms. Matz said there were still 500 late filers of call reports in January.
And the IRS didn't target anybody and the NSA will never use the info against honest Americans and if you like your insurance company you can etc, etc, etc.
Personally I like Stu's passion and I think He has a message about the possibility we got some Jamie Dimon wannabes in our midst even when the ship is sinking.
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