To clarify and define the terms Call Report and Credit Union Profile report in Rule 69U-110.045, F.A.C., and to update requirements for the timing and electronic filing of such reports as required by the National Credit Union Administration (NCUA) ...

 

DEPARTMENT OF FINANCIAL SERVICES

FSC - Financial Institution Regulation

RULE NOS.:RULE TITLES:

69U-110.045Reports to OFR

69U-110.053Credit Union Assessments

PURPOSE AND EFFECT: To clarify and define the terms Call Report and Credit Union Profile report in Rule 69U-110.045, F.A.C., and to update requirements for the timing and electronic filing of such reports as required by the National Credit Union Administration (NCUA) under federal law. To conform Rule 69U-110.053, F.A.C., to the 2015 amendments to Section 655.047, F.S., regarding the filing and deadline requirements for state credit unions to submit semiannual assessment payments by mail and by electronic means.

SUMMARY: The proposed amendment to Rule 69U-110.045, F.A.C., updates and clarifies the definition and electronic filing of the quarterly report of condition each credit union must file pursuant to 12 C.F.R. § 741.6. The proposed rule amendment further updates the filing deadlines for consistency with NCUA requirements. These rule changes incorporate and supersede the provisions in the OFR’s Order of General Application on this subject issued on June 17, 2016. (In Re: Deadline for Florida State-Chartered Credit Unions to File Quarterly Reports of Financial Condition, OFR Admin. Proceeding Docket No.: 66816-FI). The proposed amendment to Rule 69U-110.053, F.S., will conform the rule to Section 655.047, F.S., as amended in 2015, to authorize electronic payment of the semiannual assessment, while still allowing for payment sent by mail. The proposed amendment will further conform the rule to Section 655.047, F.S., as amended, regarding the deadlines to submit semiannual assessment payments by mail and by electronic means. Semiannual assessment payments sent by mail must be “received” by the OFR, rather than postmarked, by the deadline. Electronic payments must be transmitted to the OFR by the deadline.

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION: The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the Agency.

The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: The proposed rules do not impose new or additional requirements, costs, or expenditure of time. The proposed rules conform the rules to statutory requirements in relation to the manner and timing of the submission of semiannual assessment payments in accordance with 2015 legislation, and update the reporting rule for consistency with federal requirements regarding electronic filing and deadlines.

Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.

RULEMAKING AUTHORITY: 655.012(2), 657.053 FS.

LAW IMPLEMENTED: 655.045, 655.047, 657.053 FS.

IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAR.

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Leslie E. Bryson, Senior Attorney, Division of Financial Institutions, [phone], [e-mail]

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69U-110.045 Reports to OFR.

As used in this rule chapter, “NCUA 5300” means the quarterly Call Report prepared and filed with the National Credit Union Administration (NCUA) as required by 12 C.F.R. § 741.6. Each credit union shall electronically file prepare and submit an accurate and complete NCUA 5300 for OFR validation by submitting the report through the NCUA system on a quarterly basis. quarterly report of financial condition to the OFR. The NCUA 5300 reports shall reflect the credit union’s condition as of the close of business on March 31, June 30, September 30, and December 31. Each credit union shall file its quarterly NCUA 5300 in accordance with the deadline established pursuant to 12 C.F.R. § 741.6 and the OFR shall not levy an administrative fine under Section 655.045(2)(a) or (b), F.S., unless the NCUA 5300 is filed after such deadline. report electronically with the OFR and National Credit Union Administration (NCUA). Each The credit union shall also electronically file provide the credit union profile report (“Credit Union Profile”) as required by 12 C.F.R. § 741.6 in order to maintain insurance of accounts by the National Credit Union Share Insurance Fund. , as provided in NCUA Rule 741.6 (codified at 12. C.F.R. § 741.6 (2006)), which is hereby incorporated by reference. Such reports shall be due no later than April 22, July 22, October 22, and January 22, respectively, of each year. If any due date falls on a weekend or holiday, a quarterly report is timely filed if it is electronically transmitted no later than the next business day.

Rulemaking Authority 655.012(2) FS. Law Implemented 655.045 FS. History–New 10-31-81, Formerly 3C-30.31, 3C-30.031, Amended 10-8-95, 3-20-02, Formerly 3C-110.045, Amended 3-6-07, __-__-__.

 

69U-110.053 Credit Union Assessments.

(1) Each state credit union shall pay to OFR a semiannual assessment computed on total assets as shown on the Quarterly Call Report NCUA 5300 (NCUA 5300) of the credit union as of the last business day in June and the last business day in December of each year. In the event that a NCUA 5300 is amended, and such amendment results in a change in consolidated total assets, the semiannual assessment shall be computed on the adjusted total assets reported in the amended NCUA 5300 only if such amended report is filed postmarked no later than July 31 and or January 31 of the current assessment period. No adjustment will be made for amended reports filed postmarked after this date.

(2) No change.

(3) Payment of the A semiannual semi-annual assessment, if mailed, must be received by the OFR no later than is “timely filed” if it is postmarked on or before January 31 and or July 31 of each year. The timeliness of the payment is determined by the date the OFR receives the payment rather than the date of the mailing postmark. If either date falls on a weekend or holiday, a semi-annual assessment is timely filed if it is postmarked on the next business day. Payment of the semiannual assessment, if made via wire transfer or an automated clearinghouse (ACH), must be transmittted (and reflect a transmittal date of) no later than January 31 and July 31 of each year in order to be timely.

(4) The OFR may shall levy a late payment penalty of up to $100.00 per day or part thereof for each day that a semiannual assessment payment is past due, unless it the late payment penalty is excused for good cause, including isolated clerical and other minor errors. For intentional late payment filing of a semiannual assessment, the OFR shall levy an administrative fine a late payment penalty of up to $1,000.00 per day for each day that a semiannual assessment payment is past due.

Rulemaking Authority 655.012(2)(3), 657.053 FS. Law Implemented 655.047(2), 657.053 FS. History–New 8-18-96, Amended 3-11-02, Formerly 3C-110.053, Amended __-__-__.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Marty Stubblefield, Director, Division of Financial Institutions

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Financial Services Commission

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: October 25, 2016

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: September 27, 2016