25 Credit Unions Agree to Late-Filing Penalties for Fourth Quarter 2016

May 2017
25 Credit Unions Agree to Late-Filing Penalties for Fourth Quarter 2016

ALEXANDRIA, Va. (May 23, 2017) – Twenty-five federally insured credit unions subject to civil monetary penalties for filing late Call Reports in the fourth quarter of 2016 have consented to penalties totaling $10,365, the National Credit Union Administration announced today.

In the fourth quarter of 2015, 22 credit unions consented to penalties.

Individual penalties ranged from $151 to $2,509. The median penalty was $253. The Federal Credit Union Act requires NCUA to send any funds received through civil monetary penalties to the U.S. Treasury.

A list of credit unions filing late in the fourth quarter of 2016 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 25 credit unions agreeing to pay penalties for the fourth quarter of 2016:

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

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

A total of 41 credit unions filed Call Reports late for the fourth quarter of 2016. NCUA consulted regional offices and, when appropriate, state supervisory authorities to review each case. That review determined there were mitigating circumstances in nine cases that led to credit unions not being penalized. Another six credit unions received a requested waiver. One state-chartered credit union paid a 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 OSCUIConsulting@ncua.gov. NCUA also has produced a video (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) describing how to file Call Reports.

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