NCUA Conducting Reviews to Determine Potential Civil Money Penalties
ALEXANDRIA, Va. (Nov. 18, 2014) – 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 today.
NCUA is conducting individual case reviews to determine whether there are any cases in which 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.
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 CallReportLateFiler@ncua.gov.
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.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share
Insurance Fund, insuring the deposits of account holders in all federal credit unions and the overwhelming majority of
state-chartered credit unions. At MyCreditUnion.gov, NCUA also educates the public on consumer protection and financial literacy issues.