5 FISCUs among 22 late call report filers

May 17, 2016 -- Five FISCUs were among the 22 federally insured credit unions that have consented to penalties for filing late Call Reports in the fourth quarter of 2015, NCUA stated Monday.

NCUA, in a release, stated that the late filers will pay a total of $13,548 in penalties, with individual penalties ranging from $157 to $2,580; the median penalty was $356. The Federal Credit Union Act requires NCUA to send any funds received through civil monetary penalties to the U.S. Treasury, NCUA noted.

Board Chairman Rick Metsger, in a statement, asserted that “in fewer than four years, the number of late filers has been reduced from 1,744 to 30, and overall compliance is now at more than 99.6 percent.”

Of the 22 credit unions agreeing to pay penalties for the fourth quarter of 2015, 15 had assets of less than $10 million; five had assets between $10 million and $50 million, and; two had assets between $50 million and $250 million.

NCUA release on late Form 5300 filers