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NCUA Fines 30 Credit Unions for Filing Late Call Reports
Thursday, October 27, 2016 6:50 AM

Thirty federally insured credit unions were penalized for filing required call reports late during the first quarter of the year—twice as many as in the first quarter of 2015, the NCUA announced. The 30 credit unions agreed to pay penalties totaling $20,036, the agency said.

In the first quarter of 2015, 15 credit unions consented to penalties. Individual penalties ranged from $151 to $6,734. The median penalty was $274. The Federal Credit Union Act requires NCUA to send any funds received through civil monetary penalties to the U.S. Treasury.

“I’m disappointed the number of late filers has risen,” NCUA Board Chairman Rick Metsger said. “While we are still far below the levels of late filers of just a few years ago, the goal remains full compliance. I’d remind credit unions NCUA offers support if they run into problems meeting the Call Report filing deadline, and we hope they will take advantage of that assistance.”

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 filing delay. Of the 30 credit unions agreeing to pay penalties for the first quarter of 2016:

  • Twenty had assets of less than $10 million;
  • Nine had assets between $10 million and $50 million; and
  • One had assets greater than $250 million.

A total of 40 credit unions filed Call Reports late for the first quarter of 2016. NCUA consulted regional offices and, when appropriate, state supervisory authorities to review each case. That review determined mitigating circumstances in three cases that led to credit unions not being penalized. Another six credit unions received a requested waiver. One credit union paid a civil monetary penalty to its state regulator.

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.