NCUA Disputes Civil Penalty Reports
The NCUA Tuesday disputed reports that 84 credit unions were assessed civil penalties last week after they filed late 5300 call reports during the first quarter 2014 reporting cycle.
“The process of determining what, if any, agency action will be taken against credit unions who filed their first quarter call reports late is not yet complete," John Fairbanks, NCUA Public Affairs Specialist said.
Fairbanks confirmed that 104 credit unions missed the April 25 filing deadline. However, he also said only some credit unions will be assessed civil money penalties, which he added are intended to encourage future compliance.
"The agency is taking individual credit unions’ circumstances into account before assessing penalties," he said.
In January, the NCUA announced it would impose civil penalties on credit unions that missed their call report deadlines after more than 1,700 cooperatives missed the third quarter 2013 filing deadline. In extreme cases, penalties could be as high as $1 million per day.