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Late 2Q Call Reports: 75 CUs could face civil money penalties
ALEXANDRIA, Va. (8/26/14)--The number of late call report filers in the second quarter dropped to 75 credit unions from 104 in the first quarter, but National Credit Union Administration Chair Debbie Matz said the goal still is full compliance.

Click to view larger image A breakdown of the second-quarter call report late filers, per National Credit Union Administration data. (CUNA Graphic)
The agency announced Monday that the late filers of second-quarter 5300 Call Reports now face potential civil money penalties. That number will likely decrease as the agency reviews each individual case and can waive civil money penalties if mitigating factors exist.

Four credit unions that filed late in the second quarter also filed late in the first quarter, and 63 of the late-filing credit unions have assets of less than $50 million. Fifty-five of the late filers are federally chartered credit unions. The NCUA said it will make public the names of late filers at a later date.

 After the agency reviewed the cases of the 104 credit unions that missed the first quarter call report filing deadline, 62 credit unions were ultimately fined, agreeing to civil money penalties totaling $57,750.

The NCUA reviews the cases to determine whether any of the late filers have mitigating circumstances that warrant a waiver of penalties. Those factors can include a credit union's filing history and other circumstances, such as a natural disaster, that prevented timely filing.

According to the agency, late filers should be notified in September of the penalties they face. Penalties are determined by three factors: size of the credit union, lateness in filing the call report and history of violations. All penalties will be sent to the U.S. Treasury, as required by the Federal Credit Union Act.

Starting in the first quarter of 2014, the NCUA announced the civil money penalties for late filers, which according to the agency, are meant "solely to deter late filing."

The NCUA has posted a video to its YouTube channel explaining the call report submission process.

Use the resource link below to access the video, as well as Matz's January letter to credit unions regarding the civil money penalties.

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