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NCUA Reinstates Civil Money Penalties for Late Call Report Filing

November 2023
NCUA Reinstates Civil Money Penalties for Late Call Report Filing

ALEXANDRIA, Va. (Nov. 28, 2023) – The National Credit Union Administration today announced that it will reinstate assessing civil money penalties for credit unions failing to submit NCUA Form 5300 Call Report on time, effective January 1, 2024.

“The program was suspended after the December 2019 cycle due to the COVID-19 pandemic,” NCUA Chairman Todd M. 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.”

The December 2023 Call Report will be the first reporting cycle under the reinstated program and will be due by 11:59:59 p.m. Eastern time, January 30, 2024.

To assist credit unions in avoiding a penalty, the NCUA will send a reminder to credit unions with outstanding Call Reports one week before the due date.

The NCUA considers extenuating circumstances and will weigh mitigating factors outlined in Section 206 of the Federal Credit Union Act when assessing penalties. These mitigating factors include:

  • The size of financial resources and good faith of the credit union.
  • The gravity of the violation.
  • The history of previous violations.
  • Other matters regarding the circumstances of late or false or misleading submissions, such as natural disasters and the incapacitation of key employees, among other factors.

More information on filing credit union Call Reports is available on the NCUA website.

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