Newsroom
April 21, 2014
5300s due April 25, late fees after that
April 22, 2014 – Credit unions that file their first-quarter 5300 call reports and profile data after the due date of April 25, or that file erroneous reports, will be assessed money penalties daily from NCUA until accurate reports are submitted.
Penalties will vary based on the reason for the delay or inaccuracy, according to the agency's April newsletter, The NCUA Report. Fees will range from $10 a day to a maximum of $1 million a day or 1 percent of total assets, whichever is less. "NCUA is imposing these penalties solely to deter late filing," the report says, adding that any funds collected will be sent to the Treasury and not retained for NCUA's use.
NCUA announced its plan to begin assessing penalties last fall and repeated that warning in January. It issued warning letters to credit unions that filed their fourth-quarter reports late this January, noting that penalties would begin being assessed in connection with first-quarter reports. It said 561 insured credit unions filed their fourth-quarter reports late.
Second-quarter reports will be due July 25; third-quarter reports will be due Oct. 24.
Penalties will vary based on the reason for the delay or inaccuracy, according to the agency's April newsletter, The NCUA Report. Fees will range from $10 a day to a maximum of $1 million a day or 1 percent of total assets, whichever is less. "NCUA is imposing these penalties solely to deter late filing," the report says, adding that any funds collected will be sent to the Treasury and not retained for NCUA's use.
NCUA announced its plan to begin assessing penalties last fall and repeated that warning in January. It issued warning letters to credit unions that filed their fourth-quarter reports late this January, noting that penalties would begin being assessed in connection with first-quarter reports. It said 561 insured credit unions filed their fourth-quarter reports late.
Second-quarter reports will be due July 25; third-quarter reports will be due Oct. 24.
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