July 17, 2014

Late 5300 filers: Penalty info will be published

July 17, 2014 – The 84 credit unions facing possible fines for tardy first-quarter 5300s had until yesterday to submit their signed stipulations consenting to civil money penalties.

With that deadline passed, NCUA must now assemble the responses and consider its next steps. "Once all the responses have been compiled, the agency plans to make public the names of the credit unions that were assessed penalties," said NCUA spokesman John Fairbanks.

Fairbanks said NCUA sent letters to the credit union noting the agency's intent to assess penalties last month. They were given until July 16 to respond.

Credit Union Times reported Monday that the letters included consent forms detailing possible fines. It said each form contained two figures: the amount that would be assessed if the credit union gave consent, and a larger amount that would be pursued if the credit union did not give consent and chose to argue about it before an administrative law judge. The lowest amount reported was $150; the largest, $106,000.

According to the report, all 84 institutions were given an option to ask NCUA to reconsider the fines due to an extenuating circumstance. It is unclear how that was presented.

NCUA, in statements and its Letter to CUs announcing the implementation of penalties for late 5300s, notes that the point of the fine is to encourage timely filing of call reports. Fines will go to Treasury, not NCUA.

Related Links:
NCUA Letter 14-CU-03
"NCUA eyes fines for late 1Q 5300s," 7/2/14
"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