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NCUA Conducting Reviews to Determine Potential Civil Penalties
Wednesday, November 19, 2014 6:30 AM

While full compliance with Call Report filing deadlines has not yet been reached, the number of federally insured credit unions filing late in the third quarter declined to 47, the National Credit Union Administration reported yesterday.

NCUA is conducting individual case reviews to determine whether any cases in mitigating circumstances warrant a waiver of civil money penalties. NCUA expects to notify late filers in early December of the penalties they face. Penalties are determined by the individual credit union’s asset size, its recent Call Report filing history, and the length of the filing delay. The Federal Credit Union Act requires any penalties collected be sent to the U.S. Treasury.

“Effective regulation requires timely information, and we’re getting closer to reaching the goal of full compliance,” NCUA Chairman Debbie Matz said. “We’ve been reminding credit unions of their responsibilities, and the Office of Small Credit Union Initiatives has been working with smaller institutions to help them file on time. All these efforts will continue.”

One credit union that filed late in the third quarter also filed late in a previous quarter. Forty of the late-filing credit unions have assets of less than $50 million. NCUA expects to make public the names of late filers pay civil money penalties in late January.

Table of summary statistics for September 2014 cycle 

In the second quarter, 75 credit unions missed the Call Report filing deadline. After the agency reviewed the cases, 44 credit unions agreed to civil money penalties totaling $17,111.

In addition to assistance available from the Office of Small Credit Union Initiatives, NCUA has posted a video explaining the Call Report submission process. Credit unions needing assistance with or having questions about submitting waiver requests can call the agency’s hotline at 703-548-2242 or send an email to

Matz sent a Letter to Credit Unions in January, advising that the agency would, beginning with the first-quarter 2014 Call Reports, impose civil money penalties on credit unions that file late. The penalties, the letter stressed, were solely to deter late filing. NCUA considers mitigating factors, including a credit union’s filing history and other circumstances, such as a natural disaster, that prevented timely filing.