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31 Credit Unions Assessed Late-Filing Penalties for Q3 2014
Monday, January 26, 2015 6:30 AM

The National Credit Union Administration has announced that 31 federally insured credit unions subject to civil money penalties for filing third-quarter 2014 Call Reports late have consented to those penalties. Collective penalties add up to $12,820. Individual penalties ranged from $138 to $1,878, and the median penalty was $176.

“The number of late filers continues to drop, and that’s encouraging,” said NCUA Board Chairman Debbie Matz. “Hopefully, we’ll soon have full compliance, which is really necessary for efficient data gathering and effective regulation. NCUA’s Office of Small Credit Union Initiatives is still available to help smaller institutions, and we will keep working to get to the point where all credit unions file Call Reports on time.”

Assessment of penalties primarily depends on three factors: the credit union’s asset size, its recent Call Report filing history and the length of the delay. Of the 31 credit unions paying penalties in the third quarter: 

  • Nineteen had assets of less than $10 million;
  • Seven had assets between $10 million and $50 million; and
  • Five had assets between $50 million and $250 million.

No credit unions with assets greater than $250 million filed late in the third quarter.

The Federal Credit Union Act requires NCUA to send any funds received through civil money penalties to the U.S. Treasury.

A total of 47 credit unions filed late Call Reports for the third quarter. NCUA consulted regional offices and, when appropriate, state supervisory authorities to review each of those cases. The review determined mitigating circumstances in five cases that led to credit unions not being penalized; and NCUA informed the remaining 42 credit unions that they could reduce the penalties they faced by signing a consent agreement.

NCUA also said it would initiate administrative hearings against credit unions that did not consent. NCUA granted waivers for 11 of those credit unions. The remaining 31 credit unions consented.

NCUA sends reminder messages about Call Report filing deadlines that include information on how to receive technical support to handle filing problems. 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.