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26 Credit Unions Agree to Late-Filing Penalties for Third Quarter of 2016

February 2017
26 Credit Unions Agree to Late-Filing Penalties for Third Quarter of 2016

ALEXANDRIA, Va. (Feb. 8, 2017) – Twenty-six federally insured credit unions subject to civil monetary penalties for filing late Call Reports in the third quarter of 2016 have consented to penalties totaling $17,485, the National Credit Union Administration announced today.

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

Individual penalties ranged from $45 to $10,000. The median penalty was $174. 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 third 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 26 credit unions agreeing to pay penalties for the third quarter of 2016:

  • Fourteen had assets of less than $10 million;
  • Nine had assets between $10 million and $50 million; and
  • Three had assets between $50 million and $250 million.

No credit unions with assets of more than $250 million were subject to civil monetary penalties for filing late Call Reports in the third quarter. Three 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 third quarter of 2016. NCUA consulted regional offices and, when appropriate, state supervisory authorities to review each case. That review determined mitigating circumstances in six cases that led to credit unions not being penalized. Another six credit unions received a requested waiver. Two state-chartered credit unions paid penalties to their state regulators.

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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