Number of CUs Filing Late Call Reports Falls to Below 50: NCUA

ALEXANDRIA, Va. — Only 47 federally insured credit unions filed late Call Reports

in the third quarter of this year, NCUA said Tuesday.

Though 75 CUs filed late in the second quarter, the regulator worked with late filers to bring that number down to only 44 who paid penalties. The agency is currently conducting reviews to determine which credit unions will pay civil penalties. It collected more than $17,000 in penalties in the second quarter.

NCUA Chairman Debbie Matz said in a statement that the regulator has been reminding credit unions about their responsibilities for timely filings, and continues to work with its Office of Small Credit Union Initiatives to help smaller institutions meet the filing deadline.

"We're getting closer to reaching the goal of full compliance," Matz added.

No credit union filed its 5300 data more than 10 days late in the third quarter, and the majority of late filers (85.1%) were federal credit unions. Only seven state-chartered CUs (14.9%) filed after the deadline.

Additionally, the late filers were exclusively in the $250 million or less asset category, with nearly 64% (30 credit unions) holding assets of only $10 million or less. Only one CU that was late for in the third quarter was also late in the previous quarter.

NCUA expects to release the names of late-filing credit unions and the penalty fines they will pay in January.