ALEXANDRIA, Va. (5/6/15)--Late filing of call reports for the fourth quarter of 2014 led to 28 federal credit unions consenting to civil money penalties, the National Credit Union Administration announced Tuesday. The late filers will pay a total of $13,650, with individual penalties ranging from $150 to $6,752 and a median penalty of $187.50.
Of the 28 credit unions agreeing to pay penalties for the fourth quarter: 24 had assets of less than $10 million; three had assets between $10 million and $50 million; and one had assets of more than $250 million. None of the late-filing credit unions had been late in the previous quarter.
According to the NCUA, a total of 56 credit unions filed fourth quarter call reports late. An agency review determined mitigating circumstances in 20 cases that led to credit unions not being penalized. In March, the regulator informed the remaining 36 credit unions of the penalties they faced and advised them they could reduce their penalties by signing a consent agreement.
The NCUA also said it would initiate administrative hearings against credit unions that did not consent. The agency subsequently granted waivers for eight of those credit unions. The remaining 28 credit unions consented.
NCUA Chair Debbie Matz called the number an improvement, but still too high. She noted that the NCUA’s Office of Small Credit Union Initiatives is available to help small credit unions file call reports on time.
Assessment of penalties primarily depends on three factors: the credit union’s asset size, its recent Call Report filing history and the length of the delay.
The Federal Credit Union Act requires NCUA to send any funds received through civil money penalties to the U.S. Treasury.