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CUs assessed late-filing penalties

Mon, Aug 3, 2015

Alexandria, Virginia

The number of federally insured credit unions subject to civil money penalties for filing late Call Reports dropped to 15 in the first quarter of 2015, the National Credit Union Administration announced today.

The 15 credit unions have consented to penalties. In the first quarter of 2014, 62 credit unions consented to penalties.

The late filers will pay a total of $5,107 in penalties. Individual penalties range from $45 to $943. The median penalty was $195. The Federal Credit Union Act requires NCUA to send any funds received through civil money penalties to the U.S. Treasury.

“We’ve made real progress during the last year, but full compliance with NCUA’s quarterly filing deadlines is still the goal,” NCUA Board Chairman Debbie Matz said. “To help, NCUA offers assistance so that credit unions can meet their obligations.” 

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 15 credit unions agreeing to pay penalties for the first quarter:

  • Ten had assets of less than $10 million;
  • Four had assets between $10 million and $50 million; and
  • One had assets between $50 million and $250 million.

No credit unions with assets greater than $250 million filed late in the first quarter. One of the late-filing credit unions had been late in a previous quarter.

A total of 25 credit unions filed Call Reports late for the first quarter of 2015. NCUA consulted regional offices and, when appropriate, state supervisory authorities to review each case. This review determined mitigating circumstances in three cases that led to credit unions not being penalized. NCUA informed the remaining 22 credit unions of the penalties they faced and 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. NCUA subsequently granted waivers to seven of those credit unions.


Source: NCUA