NCUA will assess fines for late filers

Fewer, but Still Too Many, Credit Unions Filed Late for the First Quarter

ALEXANDRIA, VA (May 22, 2014)
 — The National Credit Union Administration has begun the process of assessing civil money penalties for the late filing of 2014 first-quarter Call Reports.

The number of credit unions filing Call Reports late for the first quarter fell by more than 80 percent from the previous quarter, but more than 100 still filed late.

“The goal is full compliance,” NCUA Board Chairman 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. Ninety-three of late filers in the first quarter were credit unions with assets of less than $50 million.

Summary Statistics - All Late Filers (March 2014 Cycle)

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 any mitigating factors exist to warrant forbearance.

Matz sent a Letter to Credit Unions 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. 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 and based on a credit union’s asset size and gravity of 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.

NCUA will make public the names of late filers at a later date.

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 more than 96 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues..

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