ALEXANDRIA, Va. (8/6/14)--Sixty-two credit unions were identified by the National Credit Union Administration as being subject to civil money penalties for the late filing of their first-quarter call reports, and all 62 have consented to those penalties, the NCUA announced Tuesday.
Those late filers will pay a total of $57,750 in penalties, with individual penalties ranging from $150 to $20,000, the NCUA said. Under federal law any funds from civil money penalties must be sent to the U.S. Treasury.
The NCUA broke down the 62 late filers this way:
Use the resource link to see the a list of the credit unions that have agreed to pay the penalties.
Although NCUA Chair Debbie Matz has made it clear that the agency is shooting for zero tolerance of call report late filing, she has made it equally clear that the regulator makes exceptions for credit unions able to document certain filing hardships. They could include a breakdown in the credit union's core operating system, a natural disaster taking place in the credit union's community or the incapacitation of a key employee who would be responsible for filing the report.
After identifying 104 credit unions as late for the first quarter of 2014, the NCUA--consulting with regional offices and, when appropriate, state supervisory authorities--determined mitigating circumstances in 20 cases allowed credit unions to avoid a penalty. News Now reported the agency had identified possible financial penalties against 84 credit unions in its July 1 issue.
A number of credit unions subsequently provided the agency with information about extenuating circumstances that caused them to miss the deadline and NCUA determined 22 of those credit unions would not be penalized.
"Our intention is that credit unions fully comply with the deadline for filing call reports," Matz said Tuesday in announcing the fines. "We've seen an improvement from the days when more than 1,000 credit unions filed late, but we haven't yet reached the goal of timely filing by all credit unions every quarter."
Use the resource links to access a January NCUA Letter to Credit Unions about late-filing penalties and to view the agency's how-to video describing the call report-filing process.