ALEXANDRIA, Va. (11/19/14)--The number of federally insured credit unions filing 5300 Call Reports late fell in the third quarter to 47, the National Credit Union Administration announced Tuesday.
That is compared to seventy-five credit unions that filed late in the second quarter, and 44 of those eventually paid a total of $17,111 in civil money penalties.
"Effective regulation requires timely information, and we're getting closer to reaching the goal of full compliance," NCUA Chair Debbie Matz said. "We've been reminding credit unions of their responsibilities, and the Office of Small Credit Union Initiatives has been working with smaller institutions to help them file on time. All these efforts will continue."
|Source: National Credit Union Administration|
One credit union that filed late in the third quarter also filed late in a previous quarter. Forty of the late-filing credit unions have assets of less than $50 million.
The NCUA is currently conducting individual case reviews to determine whether there are any cases in which mitigating circumstances warrant a waiver of civil money penalties. The agency considers mitigating factors, including a credit union's filing history and other circumstances, such as a natural disaster, that prevented timely filing.
Penalties are determined by the individual credit union's asset size, its recent call report filing history and the length of the filing delay. The Federal Credit Union Act requires any penalties collected be sent to the U.S. Treasury.
According to the NCUA, it expects to notify late filers in early December of the penalties they face, and expects to make public the names of late filers paying civil money penalties in late January.