Florida Financial Regulation Office gives state credit unions extension allowed FCUs

The Florida Office of Financial Regulation announced Friday that just as the National Credit Union Administration Board authorized federal credit unions to have three additional days to file Call Reports for the second and third quarters of 2016, state-chartered credit unions will share that same deadline.

The order in docket number 66816-FI states: “The office has therefore determined that it is the public interest and important to the maintenance of the competitive dual system of financial institutions that Florida state-chartered credit unions are provided the same powers as federal credit unions operating in Florida to file their quarterly Call Reports.”

With the extension in place, Florida credit unions must file second quarter Call Reports by July 25 rather than the original scheduled date of July 22. Third quarter reports will be due on Oct. 24 rather than on Oct. 21

Moving the deadline is the NCUA’s first step in an effort to improve data collection. The organization is currently working on a new filing schedule that better accommodates credit union needs. The new timeline is expected to be released later this year.