May 23, 2014

NCUA to fine late 1Q 5300 filers

May 27, 2014 – NCUA is beginning the process of assessing civil money penalties to those credit unions that filed late call reports in the first quarter of 2014, which the agency said amounts to more than 100 credit unions.

"The goal is full compliance," NCUA Board Chairman Debbie Matz said in a statement. "More credit unions filed their Call Reports in a timely fashion, but 104 late filers is still far too many. It was particularly troubling that most of the credit unions that filed late for the first quarter had not done so the previous quarter, so they came in late even after NCUA brought this issue to their attention and announced plans for assessing penalties."

The number of credit unions filing late call reports for the first quarter fell by more than 80 percent from the previous quarter, the agency said. Of the 104 credit unions that filed their call reports late in the first quarter, 85 had been on time the previous quarter and 93 had assets of less than $50 million.

In January, Matz sent a Letter to Credit Unions 14-CU-03 acknowledging that late filing of call reports was a problem. The letter said credit unions that file call reports late, starting with the first quarter of 2014, will be served civil money penalties. Credit unions late on their 5300 report filings will receive a warning letter from NCUA; subsequent late filers will be subject to civil money penalties.