Many credit unions’ call reports still tardy
ALEXANDRIA, VA. (March 5, 2014) – While the number of credit unions filing Call Reports late for the fourth quarter of 2013 fell by more than two-thirds from the number of late filers at the end of 2012, hundreds of credit unions are still filing late according the National Credit Union Administration.
“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. “This number is unnecessarily high and unacceptable.”
For the last quarter of 2012, 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.
Matz in January sent a Letter to Credit Unions advising that the late filing of Call Reports had become a serious, chronic problem. The letter stated the agency would begin imposing civil money penalties on credit unions that file late, beginning with the first-quarter 2014 Call Reports. The penalties, the letter stressed, were to “solely to deter late filing.” Penalties would be assessed per day according to ranges set out in the Federal Credit Union Act, but NCUA would “consider mitigating factors,” such as a credit union’s filing history, the gravity of the violation, and other circumstances, such as a natural disaster that prevented timely filing.
Credit unions that were late filing their fourth-quarter 2013 Call Reports will be receiving a warning letter from the agency. Subsequent late filers will be subject to civil money penalties.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of nearly 96 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.