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Nine Credit Unions Agree to Late-Filing Penalties for Fourth Quarter of 2017

July 2018
Nine Credit Unions Agree to Late-Filing Penalties for Fourth Quarter of 2017

ALEXANDRIA, Va. (July 18, 2018) – Nine federally insured credit unions subject to civil monetary penalties for filing late Call Reports in the fourth quarter of 2017 have agreed to penalties totaling $3,109, the National Credit Union Administration announced today.

A list of credit unions filing late in the fourth quarter of 2017 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.

Individual penalties for the fourth quarter ranged from $302 to $471. The median penalty was $315. The Federal Credit Union Act requires the NCUA to send any funds received through civil monetary penalties to the U.S. Treasury.

Seven of the nine credit unions agreeing to pay penalties for the fourth quarter had assets of less than $10 million. Two credit unions had assets between $10 million and $50 million. All nine had been late in a previous quarter.

A total of 17 credit unions filed Call Reports late for the fourth 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. The 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. Two credit unions requested and received waivers.

Twenty-five credit unions agreed to penalties in the fourth quarter of 2016.

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

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