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Seventy-five Late Filers in Second Quarter
Tuesday, August 26, 2014 6:25 AM

Seventy-five federally insured credit unions were late filing Call Reports for the second quarter and now face potential civil money penalties, the National Credit Union Administration said yesterday.

NCUA is reviewing the cases to determine whether any of the late filers have mitigating circumstances that warrant a waiver of penalties. NCUA expects to notify late filers in September of the penalties they face. Penalties are determined by three factors: size of the credit union, lateness in filing the Call Report and history of violations. The Federal Credit Union Act requires any penalties be sent to the U.S. Treasury.

Four credit unions that filed late in the second quarter also filed late in the first quarter. Sixty-three of the late-filing credit unions have assets of less than $50 million. NCUA will make public the names of late filers at a later date.

“The situation continues to improve, but we’re not yet at full compliance, which is where we need to be,” NCUA Board Chairman Debbie Matz said. “It is imperative that every credit union file its Call Report on time.”

In the first quarter of this year, 104 credit unions missed the Call Report filing deadline. After the agency reviewed the cases, 62 credit unions agreed to civil money penalties totaling $57,750.

Matz said NCUA has posted a video explaining the Call Report submission process, and the agency has begun sending out email reminders to credit unions in advance of the filing deadline. Credit unions needing assistance with or having questions about submitting waiver requests can call the agency’s new hotline, at (703) 548-2242. The hotline can also be reached by email at CallReportLateFiler@ncua.gov.

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 solely to deter late filing. NCUA considers mitigating factors, including a credit union’s filing history and other circumstances, such as a natural disaster, that prevented timely filing.