The NCUA Tuesday disputed reports that 84 credit unions wereassessed civil penalties last week after they filed late 5300call reports during the first quarter 2014 reporting cycle.
|“The process of determining what, if any, agency action will betaken against credit unions who filed their first quarter callreports late is not yet complete,” John Fairbanks, NCUA PublicAffairs Specialist said.
|Fairbanks confirmed that 104 credit unions missed the April 25filing deadline. However, he also said only some credit unions willbe assessed civil money penalties, which he added are intended to encourage futurecompliance.
|“The agency is taking individual credit unions' circumstancesinto account before assessing penalties,” he said.
|In January, the NCUA announced it would impose civil penaltieson credit unions that missed their call report deadlines after morethan 1,700 cooperatives missed the third quarter 2013 filingdeadline. In extreme cases, penalties could be as high as $1million per day.
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