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October 22, 2014

44 CUs to pay 2Q late-5300 penalty

NCUA announced Wednesday that 44 credit unions agreed to pay a total of $17,111 in penalties for the late filing of their second-quarter call reports, or 5300s.

In the first quarter, 62 credit unions were penalized for filing their call reports late. "The situation is improving, but full compliance remains the goal," NCUA Board Chairman Debbie Matz said in a statement. "As most of the credit unions that file late are small credit unions, NCUA's Office of Small Credit Union Initiatives has been working with smaller institutions, and we think that has helped several credit unions file on time."

The individual penalties range from $52 to $1,824. All civil money penalties will be paid to the Treasury Department.

NCUA noted that the assessment of penalties is largely dependent on the credit union's asset size, call report filing history and the length of their filing delay. Of the 44 credit unions being assessed penalties:

  • 27 had assets of less than $10 million;
  • 10 had assets between $10 million and $50 million;
  • five had assets between $50 million and $250 million; and
  • two had assets greater than $250 million.

Four of the credit unions that received penalties were late in the previous quarter. The list of credit unions paying late fees is online.

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