ALEXANDRIA, Va. (10/23/14)--Forty-four of the 75 credit unions cited for failing to file their second quarter 2014 call reports on time were determined to be out of compliance and have consented to civil money penalties totaling $17,111.
|Individual penalties ranged from $52 to $1,824, primarily depending upon the credit union's asset size, according to the NCUA. This chart shows the asset makeup of those fined.|
The National Credit Union Administration noted in its announcement Wednesday that four of the credit unions assessed penalties had been late in the previous quarter, but also acknowledged "the situation is improving."
NCUA Chair Debbie Matz said, "As most of the credit unions that file late are small credit unions, NCUA's Office of Small Credit Union Initiatives has been working with smaller institutions, and we think that has helped several credit unions file on time."
In fact, the OSCUI has dedicated an economic development specialist to assist small credit unions in filing their reports on time. The NCUA also has produced a video describing how to file call reports.
"Our efforts on compliance and assistance will continue until we get to the point where no credit union files a late call report," Matz declared.
Individual penalties ranged from $52 to $1,824, primarily depending upon the credit union's asset size, its recent call report filing history and the length of its delay.
After a call report deadline, the NCUA determines what credit unions missed the cutoff. It then explores if there are any mitigating circumstances that absolves the credit union of culpability and excludes from penalties those for which circumstances out of their control were to blame.
It was in January that the agency officially put credit unions on notice with a Letter to Credit Unions alerting them to the civil money penalties for noncompliance with deadlines. The NCUA says that late-filed call reports impact the federal regulator's ability to conduct effective off-site supervision and are a drain on agency resources. They also delay the release of quarterly industry data to the general public.
Sixty-two credit unions were fined a total of $57,000 for missing the first quarter filing deadline.