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Starting Jan. 1, the NCUA will resume assessing civil money penalties for credit unions that do not submit their Form 5300 Call Report on time, agency officials announced Tuesday.
The program was suspended after the December 2019 cycle due to the COVID-19 pandemic, NCUA Chairman Todd Harper said.
“It is now time to reinstate the program to ensure we provide credit union members, the financial services stakeholders, other regulators, and the public with the most accurate and up-to-date quarterly Call Report data on a timely basis,” he added.
The December 2023 Call Report will be the first cycle under the reinstated penalty program, and they will be due by 11:59:59 p.m. Eastern time, January 30, 2024. The NCUA will send a reminder to credit unions one week before the due date.
In the past, the penalties have not been large. For instance, for the Second Quarter of 2019, six federally insured credit unions were assessed penalties ranging from $150 to $757. Four of the six had assets of $10 million or less.
NCUA officials said the agency considers extenuating circumstances when assessing penalties. Those include the size of a credit union’s financial resources and good faith, the gravity of the violation, the history of previous violations and other issues, such as natural disasters.
Additional information about filing Call Reports is available on the NCUA website.
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