12 Cfr 741.6 (1-1-18 Ed)

National Credit Union Administration

§ 741.7

(4) The Act contains specific penalties and other consequences for delinquent payments, including, but not
limited to:
(i) Section 202(d)(2)(B) of the Act (12
U.S.C. 1782(d)(2)(B)) provides that the
Board may assess and collect a penalty
from an insured credit union, up to the
amount specified in § 747.1001 of this
chapter, for each day the credit union
fails or refuses to pay any deposit or
premium due to the fund; and
(ii) Section 202(d)(3) of the Act (12
U.S.C. 1782(d)(3)) provides, generally,
that no insured credit union shall pay
any dividends on its insured shares or
distribute any of its assets while it remains in default in the payment of its
deposit or any premium charge due to
the fund. Section 202(d)(3) further provides that any director or officer of any
insured credit union who knowingly
participates in the declaration or payment of any such dividend or in any
such distribution shall, upon conviction, be fined not more than $1,000 or
imprisoned more than one year, or
both.
[74 FR 63279, Jan. 4, 2010, as amended at 76
FR 60367, Sept. 29, 2011; 80 FR 57288, Sept. 23,
2015]

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§ 741.5 Notice of termination of excess
insurance coverage.
In the event of a credit union’s termination of share insurance coverage
other than that provided by the
NCUSIF, the credit union must notify
all members in writing of such termination at least thirty days prior to the
effective date of termination.
§ 741.6 Financial and statistical and
other reports.
(a) Upon written notice from the
NCUA Board, Regional Director, Director of the Office of Examination and
Insurance, or Director of the Office of
National Examinations and Supervision, insured credit unions must file
financial and other reports in accordance with the instructions in the notice. Insured credit unions must use
NCUA’s information management system, or other electronic means specified by NCUA, to submit their data online.
(1) Credit Union Profile. Insured credit
unions must submit to NCUA a Credit

Union Profile, NCUA Form 4501 or its
equivalent, within 10 days after an
election or appointment of senior management or volunteer officials or within 30 days of any change of the information in the profile.
(2) Financial and statistical report.
Natural person credit unions must file
a Call Report with NCUA quarterly in
accordance with the instructions in the
NCUA Form 5300. Corporate credit
unions must file a Corporate Credit
Union Call Report with NCUA monthly
in accordance with the instructions in
the NCUA Form 5310. Credit unions
must submit a corrected Call Report
upon notification or the discovery of a
need for correction.
(b) Consistency with GAAP. The accounts of financial statements and reports required to be filed quarterly
under paragraph (a) of this section
must reflect GAAP if the credit union
has total assets of $10 million or greater, but may reflect regulatory accounting principles other than GAAP if the
credit union has total assets of less
than $10 million (except that a Federally-insured
State-chartered
credit
union may be required by its state
credit union supervisor to follow GAAP
regardless of asset size).
(c) GAAP sources. GAAP means generally accepted accounting principles,
as defined in § 715.2(e) of this chapter.
GAAP is distinct from GAAS, which
means generally accepted auditing
standards, as defined in § 715.2(f) of this
chapter. Authoritative sources of
GAAP include, but are not limited to,
pronouncements of the Financial Accounting Standards Board (FASB) and
its predecessor organizations, the Accounting Standards Executive Committee (AcSEC) of the American Institute of Certified Public Accountants
(AICPA), the FASB’s Emerging Issues
Task Force (EITF), and the applicable
AICPA Audit and Accounting Guide.
[60 FR 58504, Nov. 28, 1995, as amended at 64
FR 41040, July 29, 1999; 67 FR 12464, Mar. 19,
2002; 71 FR 4034, Jan. 25, 2006; 74 FR 35769,
July 21, 2009; 78 FR 32545, May 31, 2013; 78 FR
64885, Oct. 30, 2013]

§ 741.7 Conversion to a state-chartered
credit union.
Any federal credit union that petitions to convert to a state-chartered

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