22 Credit Unions Agree to Late-Filing Penalties for Fourth Quarter of 2015

May 2016
22 Credit Unions Agree to Late-Filing Penalties for Fourth Quarter of 2015

ALEXANDRIA, Va. (May 16, 2016) – Twenty-two federally insured credit unions subject to civil monetary penalties for filing late Call Reports in the fourth quarter of 2015 have consented to penalties, the National Credit Union Administration announced today.

Twenty-eight credit unions consented to penalties in the fourth quarter of 2014.

The late filers will pay a total of $13,548 in penalties. Individual penalties range from $157 to $2,580. The median penalty was $356. The Federal Credit Union Act requires NCUA to send any funds received through civil monetary penalties to the U.S. Treasury.

“In fewer than four years, the number of late filers has been reduced from 1,744 to 30, and overall compliance is now at more than 99.6 percent,” NCUA Board Chairman Rick Metsger said. “Our new policies have successfully facilitated compliance, with no additional burden on the vast majority of credit unions that file on time and with relatively small penalties for those who file late.

“NCUA will continue working diligently to help credit unions get their Call Reports in on time, and we’ll keep at it until we have full compliance,” Metsger said. “I hope any credit union that is running into problems meeting the deadline will take advantage of the assistance the agency offers.”

A list of credit unions filing late in the fourth quarter and agreeing to pay civil monetary penalties is available online here.

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 22 credit unions agreeing to pay penalties for the fourth quarter of 2015:

  • Fifteen had assets of less than $10 million;
  • Five had assets between $10 million and $50 million; and
  • Two had assets between $50 million and $250 million.

No credit unions with assets greater than $250 million were subject to civil money penalties for filing late Call Reports in the fourth quarter. Seven of the late-filing credit unions had been late in a previous quarter.

A total of 30 credit unions filed Call Reports late for the fourth quarter of 2015. NCUA consulted regional offices and, when appropriate, state supervisory authorities to review each case. This review determined mitigating circumstances in eight 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 sends reminder messages about Call Report filing deadlines that include information on how to receive technical support to handle filing problems. The agency also has created an automated reminder email system that contacts credit unions that have not filed their Call Reports and confirms successful filing.

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 OSCUIConsulting@ncua.gov. NCUA also has produced a video describing how to file Call Reports.

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