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22 CUs Agree to Pay NCUA Fees for Filing Q4 Reports Late
Monday, May 23, 2016 6:30 AM

The National Credit Union Administration announced Monday that 22 federally insured credit unions, including four from Texas, have agreed to pay civil monetary penalties for filing late Call Reports in the fourth quarter of 2015. That figure compares with 28 credit unions that consented to penalties in the fourth quarter of 2014.

All told, the recent round of late filers will pay a total of $13,548 in penalties, with individual penalties ranging from $157 to $2,580. The median penalty amounted to $356. Under the terms of The Federal Credit Union Act, NCUA is obligated to send any funds received from the payment of civil monetary penalties to the U.S. Treasury.

On the whole, a total of 30 credit unions filed Call Reports late for the fourth quarter of 2015. However, after NCUA consultations with regional offices and, in some cases, reviews by state supervisory authorities, eight of those credit unions were not assessed any penalties due to "mitigating circumstances."

The size of penalties is assessed based on three principal factors: the credit union's asset size, its recent Call Report filing history, and the length of the filing delay.

Of the 22 credit unions that agreed to pay penalties: 15 were very small, having assets of less than $10 million; five had assets between $10 million and $50 million; and just two had assets between $50 million and $250 million.

The four credit unions from Texas are:

  • Gulf (Groves, Texas; $2,580 fine; $249-million assets)
  • Hilco (Kerrville, Texas, $1,538 fine; $8.8-million assets)
  • Pasadena Postal (Pasadena, Texas; $373 fine; $1.7-million assets)
  • Waconized (Waco, Texas; $424 fine; $4.5-million assets)

"In fewer than four years, the number of late filers has been reduced from 1,744 to 30, and overall compliance is now at more than 99.6 percent," said NCUA Board Chairman Rick Metsger in a statement. "Our new policies have successfully facilitated compliance, with no additional burden on the vast majority of credit unions that file on time and with relatively small penalties for those who file late."

Metsger added that the NCUA will continue "working diligently" to help credit unions get their Call Reports in on time until "we have full compliance."