39 Credit Unions Agree to Late-Filing Penalties for Second Quarter 2017

December 2017
39 Credit Unions Agree to Late-Filing Penalties for Second Quarter 2017

ALEXANDRIA, Va. (Dec. 22, 2017) – Thirty-nine federally insured credit unions subject to civil monetary penalties for filing late Call Reports in the second quarter of 2017 have agreed to  penalties totaling $10,150, the National Credit Union Administration announced today.

A list of credit unions filing late in the second quarter of 2017 and agreeing to pay civil monetary penalties is available online here.

In the second quarter of 2016, 24 credit unions agreed to penalties.

Individual penalties for the second quarter ranged from $57 to $908. The median penalty was $229. The Federal Credit Union Act requires the NCUA to send any funds received through civil monetary penalties to the U.S. Treasury.

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 39 credit unions agreeing to pay penalties for the second quarter, 29 had assets of less than $10 million; nine had assets between $10 million and $50 million; and one had assets between $50 million and $100 million. No credit unions with assets of more than $250 million filed late Call Reports. Ten of the late-filing credit unions had been late in a previous quarter.

A total of 50 credit unions filed Call Reports late for the second quarter of 2017. The NCUA consulted regional offices and, when appropriate, state supervisory authorities to review each case. That review determined there were mitigating circumstances in two cases that led to credit unions not being penalized. Another nine credit unions received a requested waiver.

The NCUA informed the remaining 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.

The 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. The agency has produced a video describing how to file Call Reports.

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