No Late Filing Fines for Northwest Credit Unions

Thirty-one credit unions agree to late filing fines nationally, but none in the Northwest.

Late Call Reports Decline, But Fines Forthcoming

The NCUA reported Monday that 75 credit unions were late in filing their call reports. NWCUA members who filed late with good reason are encouraged to contact the Association.

62 Credit Unions Agree to Late-Filing Penalties

Three Northwest credit unions are among 62 that agreed to pay penalties for filing late Call Reports, the NCUA reports.

NCUA Fines Five Northwest Credit Unions for Late Call Reports; NWCUA Urges Regulator to Improve its Filing System

The NCUA made good on its threat to fine credit unions for filing late Q1 call reports. Five Northwest credit unions are among those being hit with financial penalties.

NCUA Plan to Levy Fines for Late Call Reports ‘Excessive,’ NWCUA’s Stang Says

Plans by the National Credit Union Administration to levy fines against credit unions that miss quarterly filing deadlines for their 5300 Call Reports drew immediate reactions from national and regional executives Thursday, with NWCUA President/CEO Troy Stang calling the move “excessive.”

Compliance Question of the Week

What do we do if a member says he is filing bankruptcy and we just received a garnishment?

Compliance Question of the Week

What are the required elements of a small estate affidavit?

Reminder: Mandatory Use of New FinCEN Electronic Report Format Begins April 1

Based on a Final Notice issued last year by FinCEN, credit unions must file mandated reports such as CTRs, SARs, RMSBs and DOEPs electronically through the BSA E-Filing System beginning next month. In most cases, mandated reports filed in paper format will then be considered non-compliant.

Mortgage Insurance Premium Deduction Extended Through 2013

Due to the American Taxpayer Relief Act of 2012, the mortgage insurance premium deduction has been reinstated, meaning members may deduct premiums for mortgage insurance from their taxes for the tax years 2012 and 2013.

Legal Briefs

Your weekly update on the regulatory landscape.

NWCUA Regulatory Advocacy Update

The weekly Regulatory Advocacy Update outlines the NWCUA’s efforts to reduce the regulatory burden on credit unions and protect the larger movement, including updates on the FHFA, CFPB and events significant to the credit union regulatory landscape.

IRS Issues ‘Tax Exempt’ Correction to Credit Unions

The IRS sent a letter of correction to credit unions that had been erroneously informed last year that they had lost their tax-exempt status due to a filing error.

FinCEN Extends Deadline for Adopting New CTR and SAR

FinCEN announced that the deadline for financial institutions to utilize its new Currency Transaction Report and Suspicious Activity Report has been extended to March 31, 2013.

FinCEN Releases Technical E-Filing Specs for New CTR and SAR and Announces Informational Webinar

FinCEN has released electronic filing requirements for the Currency Transaction Report (CTR) and Suspicious Activity Report (SAR). The BSA E-Filing system will begin accepting batch filings matching the specifications for the new CTR and SAR in December 2011.

HR Compliance: Filing Deadline Approaching for EEO-1

All covered employers must file the EEO-1 Report by Sept. 30, 2011, preferably by using the EEOC’s web-based filing system.