NCUA outlines late-filer civil money penalty process

The civil money penalty process and how it applies to late call-report filers are detailed in the July issue of The NCUA Report , which was published Tuesday. More than 100 credit unions filed their quarterly call reports late in the first quarter of this year, which could result in penalties of varying amounts.

According to the NCUA, 104 credit unions filed late in the first quarter of 2014. The represents and 80% decrease in late filers from the previous quarter.

After the filing deadline for each quarter’s call reports, the NCUA generates a report identifying credit unions that missed the deadline, how many days late each institution is, and whether the credit union has been late previously.

Agency staff then manaully verifies the list of late filers, consulting with NCUA regions and state supervisory authorities for state-chartered credit unions. This helps to identify whether any extenuating circumstances contributed to missing the filing deadline.

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