ALEXANDRIA, Va. (3/6/13)--The number of federally insured credit unions filing late call reports declined by two-thirds in the fourth quarter of 2013 from the year prior. That is the good news.
However, a number of credit unions--561--filed late or made corrections beyond the Jan. 24 deadline, the National Credit Union Administration reported Wednesday, which NCUA Board Chairman Debbie Matz said is unacceptable.
Credit unions that filed their fourth-quarter 2013 call reports late will receive a warning letter from NCUA, the agency said but subsequent late filers will be subject to civil money penalties.
The Credit Union National Association has raised concerns about the potential overuse of fines and calls on the agency to work with credit unions, particularly when exigent circumstances arise. At the same time, CUNA urges all credit unions to file their 5300 Call Reports on a timely basis.
Potential penalties for late filers include:
To determine the size of the fine, the NCUA said it will consider:
Proceeds from the fines will go to the U.S. Treasury, the NCUA said.
Late-filed call reports impact NCUA's ability to conduct effective off-site supervision and are a drain on agency resources, the NCUA said. The late filings also delay the release of quarterly industry data to the general public.