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Sixty-two CUs Agree to Late-Filing Penalties
Wednesday, August 6, 2014 6:35 AM

All 62 credit unions subject to civil money penalties for the late filing of their first-quarter Call Reports have consented to those penalties, the National Credit Union Administration announced today.

The late filers will pay a total of $57,750 in penalties. Individual penalties range from $150 to $20,000. The median fine was $243. The Federal Credit Union Act requires any civil money penalties be sent to the U.S. Treasury.

“Our intention is that credit unions fully comply with the deadline for filing Call Reports,” NCUA Board Chairman Debbie Matz said. “We’ve seen an improvement from the days when more than 1,000 credit unions filed late, but we haven’t yet reached the goal of timely filing by all credit unions every quarter.”

Of the 62 credit unions paying penalties in the first quarter, 38 have assets below $10 million, 18 have assets between $10 million and $50 million, and 6 have assets between $50 million and $250 million. A list of credit unions that filed late and that have agreed to pay civil money penalties is available online here.

A total of 104 credit unions filed Call Reports late for the first quarter of 2014. During its initial review, NCUA consulted regional offices and, when appropriate, state supervisory authorities. These consultations determined mitigating circumstances in 20 cases allowed credit unions to avoid a penalty.

NCUA informed the remaining 84 credit unions in mid-June of penalties they faced, and the agency 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.

Several credit unions subsequently provided the agency with information about circumstances that led to their filing late. NCUA determined 22 of those credit unions would not be penalized.

Assessment of penalties primarily depended on three factors: the credit union’s asset size, the length of the delay, and whether the credit union had been late the previous quarter in filing its Call Report.

NCUA in January sent a Letter to Credit Unions about assessing civil money penalties against credit unions that did not meet the Call Report filing deadlines. The agency subsequently began sending reminder messages about the Call Report filing deadline that included information on how to receive technical support to handle filing problems. NCUA also produced a video describing how to file Call Reports.