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22 Credit Unions Agree to Late-Filing Penalties for Third Quarter of 2015

January 2016
22 Credit Unions Agree to Late-Filing Penalties for Third Quarter of 2015

ALEXANDRIA, Va. (Jan. 27, 2016) – Twenty-two federally insured credit unions subject to civil monetary penalties for filing late Call Reports in the third quarter of 2015 have consented to penalties, the National Credit Union Administration announced today.
In the third quarter of 2014, 31 credit unions consented to penalties.
The late filers will pay a total of $18,682 in penalties. Individual penalties range from $115 to $10,000. The median penalty was $330. The Federal Credit Union Act requires NCUA to send any funds received through civil monetary penalties to the U.S. Treasury.
“While the year-over-year number has dropped, it’s disappointing to see the number of late filers up from the previous quarter,” NCUA Board Chairman Debbie Matz said. “I urge credit unions that are encountering difficulties meeting the Call Report filing deadline to take advantage of the assistance NCUA offers. The agency needs all credit unions to file in a timely manner.”
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 delay. Of the 22 credit unions agreeing to pay penalties for the third quarter of 2015:

  • Ten had assets of less than $10 million;
  • Eight had assets between $10 million and $50 million;
  • Three had assets between $50 million and $250 million; and
  • One had assets greater than $250 million.

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 2015. NCUA consulted regional offices and, when appropriate, state supervisory authorities to review each case. This review determined mitigating circumstances in nine cases that led to credit unions not being penalized. NCUA informed the remaining 31 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 nine 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. 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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