24 Credit Unions Agree to Late-Filing Penalties for Second Quarter of 2016

ALEXANDRIA, Va. (Dec. 21, 2016) – Twenty-four federally insured credit unions subject to civil monetary penalties for filing late Call Reports in the second quarter of 2016 have consented to penalties totaling $9,364, the National Credit Union Administration announced today.

In the second quarter of 2015, 14 credit unions consented to penalties.

Individual penalties ranged from $150 to $1,057. The median penalty was $303. The Federal Credit Union Act requires NCUA to send any funds received through civil monetary penalties to the U.S. Treasury.

“I hope credit unions that encounter problems getting their Call Reports in on time, especially those who have these problems repeatedly, will take advantage of the assistance NCUA offers,” NCUA Board Chairman Rick Metsger said. “Timely data analysis is important to our mission, so it is also important that credit unions get their Call Reports filed by the deadline. We’ve taken steps to give credit unions some extra time, and, hopefully, we’ll see the number of late filers dropping.”

A list of credit unions filing late in the second 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 24 credit unions agreeing to pay penalties for the second quarter of 2016:

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

No credit unions with assets of more than $250 million were subject to civil monetary penalties for filing late Call Reports in the second quarter. Eight of the late-filing credit unions had been late in a previous quarter.

A total of 35 credit unions filed Call Reports late for the second quarter of 2016. NCUA consulted regional offices and, when appropriate, state supervisory authorities to review each case. That review determined mitigating circumstances in six cases that led to credit unions not being penalized. Another three credit unions received a requested waiver. The agency reduced the civil money penalty for one credit union. Two state-chartered credit unions paid penalties to their state regulator.

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.

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.