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14 Credit Unions Agree to Late-Filing Penalties for Second Quarter 2015

October 2015
14 Credit Unions Agree to Late-Filing Penalties for Second Quarter 2015

ALEXANDRIA, Va. (Oct. 21, 2015) – Fourteen federally insured credit unions subject to civil monetary penalties for filing late Call Reports have consented to penalties, the National Credit Union Administration announced today.

In the second quarter of 2014, 44 credit unions consented to penalties.

The late filers will pay a total of $3,491 in penalties. Individual penalties range from $100 to $576. The median penalty was $185. The Federal Credit Union Act requires NCUA to send any funds received through civil monetary penalties to the U.S. Treasury.

“NCUA still needs full compliance with timely Call Report filing,” NCUA Board Chairman Debbie Matz said. “The goal is in sight. I encourage credit unions having difficulties meeting the quarterly deadline to take advantage of the assistance NCUA offers.”

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

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 delay. Of the 14 credit unions agreeing to pay penalties for the second quarter:

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

No credit unions with assets greater than $250 million filed late in the second quarter. One of the late-filing credit unions had been late in a previous quarter.

A total of 28 credit unions filed Call Reports late for the second quarter of 2015. NCUA consulted regional offices and, when appropriate, state supervisory authorities to review each case. This review determined mitigating circumstances in six cases that led to credit unions not being penalized.

NCUA informed the remaining 22 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 subsequently granted waivers to eight of those credit unions.

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

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