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Jan. 23, 2014 – NCUA yesterday sent a reminder to credit unions that their fourth-quarter call reports are due Jan. 24 and reiterated the agency's plan to begin assessing civil money penalties in the spring for first-quarter 2014 reports filed late.

In Letter 14-CU-03 released last week, NCUA says the agency will send warning letters to credit unions that miss the Jan. 24 filing deadline for the year-end reports; those letters are expected to go out in February. It also says NCUA will begin assessing fines "beginning with the first-quarter 2014 Call Report and Profile reporting cycle, submissions for which are due April 25, 2014."

NCUA also said it would make public the names of federally insured credit unions assessed with civil money penalties.

Carrie Hunt, NAFCU's senior vice president of government affairs and general counsel, says NAFCU supports timely filings of call reports, but she said in an interview with Credit Union Journal that the maximum penalties outlined in NCUA's letter seem "extreme."

She said NAFCU will seek feedback from its members on any issues they are having with 5300 report filings and that NCUA should "carefully consider" the circumstances of each case before assessing a fine.