ALEXANDRIA, Va. (7/23/15)--Fifteen federally insured credit unions have consented to paying civil money penalties for filing their call reports late in first quarter of 2015--a significant drop from 62 paying penalties during first quarter of 2014, said the National Credit Union Administration Wednesday.
The late filers’ penalties add up to $55,107, with individual penalties ranging from $45 to $943. The median penalty was $195. The funds will be sent to the U.S. Treasury, as required by the Federal Credit Union Act.
“We’ve made real progress during the last year, but full compliance with NCUA’s quarterly filing deadlines is still the goal,” said NCUA Board Chair Debbie Matz. She noted that NCUA offers assistance to credit unions so they can meet their obligations.
Assessment of penalties depends on the credit union’s asset size, its recent history in filing 5300 Call Reports and the length of the delay. Of the 15 credit unions, 10 had assets of less than $10 million, four had $10 million to $50 million in assets, and one had assets between $50 million and $250 million.
Twenty-five credit unions filed late, but NCUA determined it would not penalize three because of mitigating circumstances, and it subsequently granted waivers to seven others.