NCUA eyes fines for late 1Q 5300s
NCUA explains late 5300 filing fees in Letter 14-CU-03.
July 2, 2014 – An NCUA staffer, asked about a trade report that 84 credit unions will be fined for filing late first-quarter call reports, said Tuesday that the agency was still reviewing what to do and had only told late filers what penalties "may" be assessed.
The Credit Union Journal reported information attributed to the Northwest Credit Union Association’s website that said NCUA was planning to fine 84 of the institutions that filed their 1Q reports late. The story also mentioned some of the individual credit unions reportedly affected and the range of fines possible.
NCUA spokesman John Fairbanks said review was still underway but said the agency has indicated to late filers what penalties "may" be assessed.
“The process of determining what, if any, agency action will be taken against credit unions who filed their first-quarter call reports late is not yet complete,” he said in a statement provided by email. “Some credit unions will be subject to civil money penalties, which are intended to encourage future compliance. 104 credit unions missed the April 25th deadline for filing. The agency is taking individual credit unions’ circumstances into account before assessing penalties.”
He added, “NCUA has only notified late filers of the penalty that may be assessed, but since the process is not complete, no credit union has been ‘fined’ at this point.”
Credit Union Journal article
“NCUA to fine late1Q 5300 filers,” 5/27/14
“5300s due April 25; late fees after that,” 4/22/14
“NCUA: Hundreds of CUs late filing 5300s,” 3/6/14
“NCUA reminds of 5300 deadline, potential fines,” 1/23/14
“Civil money penalties ahead for late 5300 filers,” 1/16/14