ALEXANDRIA, Va. — NCUA Board Chairman Debbie Matz said Thursday the number of late 5300 call report filers has gone down to 104 for the first quarter of year with financial penalties now in effect.
Following the monthly board meeting, CU Times asked both Matz and NCUA Board Member Rick Metsger about the latest call report filing data.
"The good news is the amount of late filers has gone down. We're at around 104, I believe. The bad news it that there are still 104," Matz said.
"What do we need to do to get people to file on time? Well, the answer to that is civil money penalties. So we are starting the process. There is a legal framework that we need to follow and we are beginning that process," she said.
For Q3 2013, 1,177 credit unions filed call reports late. The NCUA decided to enforce penalties of up to $1 million for those who miss the April 25, 2014 deadline. In Q4 2013, the number fell to 561. In Q1 2014, the first time the penalties would be enforced, the number of late filers dropped to 104. The NCUA said 1.6% out of all credit unions missed the deadline.
Metsger said NCUA staff is in the process of contacting the credit unions to find out why they filed late and that some could be subjected to fines.
"Clearly, people got their homework done. Now it's not perfect. We didn't get 100% compliance but 91% in the first quarter shows a significant re-attention to detail," Metsger said.
"Compliance of credit unions $250 million in assets and over was 100% – everybody filed on time. Credit unions that are $100 million and over, the filing rate was 99.5%," he added.
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