Six Credit Unions Agree to Late-Filing Penalties for Second Quarter of 2019

Alexandria, Va. (Feb. 3, 2020) – Six federally insured credit unions subject to civil money penalties for filing late Call Reports in the second quarter of 2019 have agreed to penalties of $2,259, the National Credit Union Administration announced today.

Individual penalties ranged from $150 to $757. The median penalty was $330. The Federal Credit Union Act requires the NCUA to send any funds received through civil money penalties to the U.S. Treasury.

Four of the six credit unions had assets of $10 million or less. Two had assets between $10 million and $50 million. All six had filed a Call Report late in a previous quarter.

The NCUA publishes lists of credit unions that file late Call Reports and agree to pay penalties. Penalty assessments primarily rest on three factors: the credit union’s asset size, its Call Report filing history, and the length of the filing delay. 

The agency provides credit unions with detailed instructions for filing Call Reports on the Credit Union Online webpage.