ALEXANDRIA, Va. (10/8/14)--Oct. 24 is the deadline for credit unions to submit their third quarter 5300 Call Reports to the National Credit Union Administration. After Oct. 24, credit unions could be assessed a civil money penalty for non-compliance.
The NCUA began fining credit unions that file late call reports this year.
The 2013 third quarter saw more than 1,000 credit unions miss the filing deadline and, according to NCUA Chair Debbie Matz, a large percentage of those filers were "chronically late, repeatedly filing after each quarterly deadline throughout the year."
"Such late filing impacts NCUA's ability to conduct effective off-site supervision and delays the release of quarterly industry data to the general public," Matz wrote in a Letter to Credit Unions.
Going forward, credit unions filing reports late can be subject to civil money penalties. Each quarter, after the agency determines which credit unions missed the deadline, it assesses each case if there were extenuating circumstances, such as a natural disaster, or incapacitation of key employees. Without extenuating circumstances, a late filer is likely to be fined.
The problem of tardy filing has improved significantly since last year, but the NCUA has said it wants full compliance.
In the first quarter of 2014, 104 credit unions missed the deadline, and 62 were eventually fined a total of $57,750. The agency reported 75 credit unions filed late reports in the second quarter and has not released the final number of credit unions that will ultimately end up paying civil penalties.
Use the resource link below to access an NCUA video explaining the online submission process for 5300 Call Reports.