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12 Credit Unions Agree to Late-Filing Penalties for First Quarter 2017

September 2017
12 Credit Unions Agree to Late-Filing Penalties for First Quarter 2017

ALEXANDRIA, Va. (Sept. 8, 2017) – The number of federally insured credit unions subject to civil monetary penalties for filing late Call Reports in the first quarter of 2017 was lower than recent trends, the National Credit Union Administration announced today.

Twelve credit unions consented to penalties totaling $2,853, the agency said. A list of credit unions filing late in the first quarter of 2017 and agreeing to pay civil monetary penalties is available online here. In the first quarter of 2016, 30 credit unions agreed to penalties.

Individual penalties for the first quarter ranged from $74 to $382. The median penalty was $229. The Federal Credit Union Act requires the NCUA to send any funds received through civil monetary penalties to the U.S. Treasury.

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 12 credit unions agreeing to pay penalties for the first quarter, 11 had assets of less than $10 million, and one had assets between $10 million and $50 million. No credit unions with assets of more than $50 million filed late Call Reports.

Six of the late-filing credit unions had been late in a previous quarter.

A total of 27 credit unions filed Call Reports late for the first quarter of 2017. The NCUA consulted regional offices and, when appropriate, state supervisory authorities to review each case. That review determined there were mitigating circumstances in six cases that led to credit unions not being penalized. Another nine credit unions received a requested waiver.

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. The agency also has produced a video describing how to file Call Reports.

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