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Washington
NCUA begins to assess penalties for late filers
ALEXANDRIA, Va. (5/23/14)--The National Credit Union Administration has begun the process of assessing civil money penalties to 104 credit unions that filed 2014 first-quarter call reports late. The number of late filers is down 80% from the previous quarter.

"The goal is full compliance," NCUA Chair Debbie Matz said. "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."
 
Of the 104 credit unions that filed call reports late for the first quarter of 2014, 85 had been on time the previous quarter, and 93 of them were credit unions with assets of less than $50 million. For the last quarter of 2013, 561 credit unions failed to file on time. Credit unions that filed late in that quarter received a warning letter from the agency.
 
Credit unions that filed first-quarter call reports late will receive letters from the agency describing the penalties the agency is planning to assess. NCUA is reviewing each late filing to determine the assessments and whether or not there are any mitigating factors.
 
Matz sent a Letter to Credit Unions (14-CU-03) in January, advising that the agency would, beginning with the first-quarter 2014 call reports, impose civil money penalties on credit unions that file late as a deterrent against late filing.
 
Penalties would be assessed per day according to ranges set out in the Federal Credit Union Act and based on a credit union's asset size and the violation. NCUA will also consider mitigating factors such as a credit union's filing history and other circumstances, such as a natural disaster, that prevented timely filing.
 
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NCUA Letter to CUs
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