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30 Credit Unions Agree to Late-Filing Penalties for First Quarter of 2016

October 2016
30 Credit Unions Agree to Late-Filing Penalties for First Quarter of 2016

ALEXANDRIA, Va. (Oct. 24, 2016) – Thirty federally insured credit unions subject to civil monetary penalties for filing late Call Reports in the first quarter of 2016 have consented to penalties totaling $20,036, the National Credit Union Administration announced today.

In the first quarter of 2015, 15 credit unions consented to penalties.

Individual penalties ranged from $151 to $6,734. The median penalty was $274. The Federal Credit Union Act requires NCUA to send any funds received through civil monetary penalties to the U.S. Treasury.

“I’m disappointed the number of late filers has risen,” NCUA Board Chairman Rick Metsger said. “While we are still far below the levels of late filers of just a few years ago, the goal remains full compliance. I’d remind credit unions NCUA offers support if they run into problems meeting the Call Report filing deadline, and we hope they will take advantage of that assistance.”

A list of credit unions filing late in the first quarter and agreeing to pay civil monetary penalties is available online here.

The assessment of penalties primarily rests on three factors: the credit union’s asset size, its recent Call Report filing history and the length of the filing delay. Of the 30 credit unions agreeing to pay penalties for the first quarter of 2016:

  • Twenty had assets of less than $10 million;
  • Nine had assets between $10 million and $50 million; and
  • One had assets greater than $250 million.

No credit unions with assets between $50 million and $250 million were subject to civil monetary penalties for filing late Call Reports in the first quarter. Five of the late-filing credit unions had been late in a previous quarter.

A total of 40 credit unions filed Call Reports late for the first quarter of 2016. NCUA consulted regional offices and, when appropriate, state supervisory authorities to review each case. That review determined mitigating circumstances in three cases that led to credit unions not being penalized. Another six credit unions received a requested waiver. One credit union paid a civil monetary penalty to its state regulator.

NCUA informed the remaining credit unions of the penalties they faced and advised them they could reduce their penalties by signing a consent agreement. NCUA also said it would initiate administrative hearings against credit unions that did not consent.

NCUA sends reminder messages about Call Report filing deadlines that include information on how to receive technical support to handle filing problems. The agency also has created an automated reminder email system that contacts credit unions that have not filed their Call Reports and confirms successful filing.

NCUA’s Office of Small Credit Union Initiatives has dedicated an Economic Development Specialist to assist small credit unions in filing Call Reports on time. Credit unions that would like assistance should send an email to NCUA also has produced a video describing how to file Call Reports.

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