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HomeFinancial CodeDiv. 5Ch. 3Art. 2§ 14256 Failure To File Reports

§ 14256 Failure To File Reports

Financial Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 14256 Failure To File Reports

This law says a credit union can lose its license or have to pay a fine if it doesn't file required reports on time or leaves out required information.

Key Takeaways

  • •Reports must be filed by the deadline set by the commissioner.
  • •Even if the deadline is extended, the report must be filed within that extended time.
  • •Omitting any required information is treated the same as a missed deadline.
  • •Failure can lead to suspension or revocation of the credit union's charter and a civil penalty.

Example

A credit union misses the deadline to submit its quarterly financial report to the state regulator.

Because the report was late, the regulator can suspend the credit union's license or order it to pay a civil penalty.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 14256 Failure To File Reports

(a) If any credit union fails to file with the commissioner any report required by this division on or before the day designated for the filing of the report or, if the time for filing the report is extended by the commissioner, within the extended time, or fails to include in the report any matter required by the commissioner, the failure is grounds for the suspension or revocation of the certificate authorizing the credit union to act as a credit union. (b) If any credit union fails to file with the commissioner any report required by this division or by any order or regulation of the commissioner, on or before the day designated for the filing of the report or, if the time for filing the report is extended by the commissioner, within the extended time, or fails to include in the report any matter required by the commissioner, the commissioner may order the credit union to pay to the commissioner a civil penalty imposed pursuant to Section 329. (Amended by Stats. 2014, Ch. 64, Sec. 16. (AB 2742) Effective January 1, 2015.)

Last verified: January 11, 2026

Key Terms

credit unioncommissionerreportsuspension or revocationcivil penalty

Related Statutes

  • § 14250 Credit Union Examinations
  • § 14253 Credit Union Financial Reporting
  • § 14254.5 Branch Office Notification
  • § 14255 Credit Union Special Reports
  • § 14204 Credit Union Enforcement Actions

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 14256.
View Official Source