March 05, 2014

NCUA: Hundreds of CUs late filing 5300s

March 6, 2014 – NCUA yesterday reported that hundreds of credit unions are late filing their 5300 call reports for the fourth quarter, and agency Chairman Debbie Matz warned credit unions that starting with first-quarter reports, credit unions that file late will be assessed fines.

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.

"A total of 561 federally insured credit unions filed their fourth-quarter call reports late or made corrections after the Jan. 24, 2014, deadline," NCUA Board Chairman Debbie Matz said in a press statement. "This number is unnecessarily high and unacceptable."

Credit unions late on their 5300 report filings will receive a warning letter from NCUA. The agency said subsequent late filers will be subject to civil money penalties.

For the last quarter of 2012, the agency reported, 1,744 credit unions failed to file on time. For the first three quarters of 2013, an average of 1,048 credit unions filed late each quarter.