|(a) Each credit union shall prepare and submit, in
a manner prescribed by the commissioner, a quarterly financial and
statistical report. Unless the commissioner orders otherwise, call
reports (Form 5300) timely filed with the National Credit Union Administration
will comply with the reporting requirements of this subsection. If
a credit union fails to file the quarterly report on time, the commissioner
may charge the credit union a penalty of $100 for each day or fraction
of a day the report is in arrears.
(b) Any credit union that makes, files, or submits
a false or misleading financial and statistical report required by
subsection (a) of this section, is subject to an enforcement action
pursuant to the Finance Code, Chapter 122, Subchapter F.
(c) A credit union shall prepare and forward to the
Department any supplemental report or other document that the Commissioner
may, from time to time require, and must comply with all instructions
relating to completing and submitting the supplemental report or document.
For the purposes of this section, the Commissioner's request may be
directed to all credit unions or to a group of credit unions affected
by the same or similar issue, shall be in writing, and must specifically
advise the credit union that the provisions of this section apply
to the request. If a credit union fails to file a supplemental report
or provide a requested document within the timeframe specified in
the instruction, after notice of non-receipt, the commissioner may
levy a penalty of $50 for each day or fraction of a day such report
or document is in arrears.
(d) If a credit union fails to file any report or provide
the requested information within the specified time, the commissioner,
or any person designated by the commissioner, may examine the books,
accounts, and records of the credit union, prepare the report or gather
the information, and charge the credit union a supplemental examination
fee as prescribed in §97.113 of this title (relating to Fees
and Charges). The credit union shall pay the fee to the department
within thirty days of the assessment.
(e) Any penalty levied under this section shall be
paid within 30 days of the levy. Penalties received after the due
date will be subject to a monthly 10% fee unless waived by the commissioner
for good cause shown.
(f) The Department may, in lieu of imposing the penalty
authorized by subsection (a) of this section, order a credit union
to pay an amount, fixed by the Commissioner, that is minimally sufficient
to cause the NCUA to reduce or negate its own penalty assessment against
the credit union under Section 202 of the Federal Credit Union Act
(12 U.S.C. §1782) for late or false/misleading filing of a quarterly
call report (Form 5300). The Department shall abate the penalty, in
part if the National Credit Union Administration exercises its authority
to impose a civil money penalty for the same late or false/misleading
filing. The penalty, assessed by the Department, however, shall not
be decreased below the amount authorized to be assessed under subsection
(a) of this section.
|Source Note: The provisions of this §91.209 adopted to be effective March 8, 1984, 9 TexReg 1150; amended to be effective June 29, 1988, 13 TexReg 3017; amended to be effective July 8, 1994, 19 TexReg 4925; amended to be effective August 9, 1998, 23 TexReg 7767; amended to be effective April 7, 2002, 27 TexReg 2434; amended to be effective November 16, 2005, 30 TexReg 7434; amended to be effective July 12, 2009, 34 TexReg 4512; amended to be effective July 11, 2010, 35 TexReg 5807; amended to be effective November 9, 2014, 39 TexReg 8572; amended to be effective November 23, 2017, 42 TexReg 6508