Next in line: the $15 million Bashas’ Associates FCU, Tempe, Ariz.; $7 million Ray FCU, Kearny, Ariz.; $208,618 Rohm and Haas Employees CU, Chattanooga, Tenn.; $43 million Goetz CU in St. Joseph, Mo., and $11,476 New Bethel FCU in Portsmouth, Va., each filing 11 days post-deadline.
Ninety-three of the late filers this time are credit unions with assets of less than $50 million: 64 have less than $10 million in assets, 29 between $10 to $50 million, 11 between $50 to $250 and none are above $250 million.
Of the 104 that filed late, 85 had been on time the previous quarter. As NCUA has stated, tardy CUs could be fined up to $1 million a day.
Late filers with no legitimate reason to file late will receive a notification letter from the agency describing the penalties the agency is planning to assess, and will have 30 days to respond with any extenuating circumstances to avoid a fine. After that period a fine could be levied.
The list of late filers does not necessarily represent those that will pay civil money penalties, as NCUA is reviewing each late filing to determine the assessments and whether any mitigating factors exist to warrant forbearance.
The 104 late filers represent an 80% drop from the 561 FCUs that submitted their fourth-quarter call reports late or made corrections after the Jan. 24 deadline.
Even with the big drop in first-quarter 2014 filings over year-end 2013, NCUA Board Chairman Debbie Matz said more than 100 is unacceptable.
"The goal is full compliance," Matz said in a statement. "More credit unions filed their call reports in a timely fashion, but 104 late filers is still far too many. It was particularly troubling that most of the credit unions that filed late for the first quarter had not done so the previous quarter, so they came in late even after NCUA brought this issue to their attention and announced plans for assessing penalties."
