31 CUs fined total of $12,820 for 3Q late-filing

January 22, 2015

ALEXANDRIA, Va. (1/23/15)--Thirty-one federally insured credit unions will be subject to civil money penalties for filing late third-quarter 2014 call reports, the National Credit Union Administration announced Thursday. Those 31 have consented to pay a total of $12,820, according to the NCUA.

Individual penalties range from $138 to $1,878, with a median penalty of $176. Those funds are sent to the U.S. Treasury by the NCUA, as mandated in the Federal Credit Union Act.

Assessment of penalties primarily depends on the credit union's asset size, its recent call report filing history and the length of the delay. According to the NCUA, one of the credit unions assessed penalties had been late in a previous quarter.

Of the 31 credit unions paying penalties in the third quarter, 19 had assets of less than $10 million; seven had assets between $10 million and $50 million; and five had assets between $50 million and $250 million. No credit unions with assets greater than $250 million filed late in the third quarter.

A total of 47 credit unions filed call reports late for the third quarter. After the NCUA consulted regional offices and state supervisory authorities to review each of those cases, 42 credit unions were advised they could reduce their penalties by signing a consent agreement.

The NCUA granted waivers for 11 of those credit unions and the remaining 31 credit unions consented.

Seventy-five credit unions filed late reports in the second quarter of 2014, with 44 eventually paying a total of $17,111 in penalties. In the first quarter, 104 credit unions missed the deadline, and 62 were eventually fined a total of $57,750.

The NCUA started the civil money penalties for late filers in the first quarter of 2014, which Chair Debbie Matz said are meant to deter late filers. The third quarter of 2013 saw more than 1,000 credit unions miss the deadline, and Matz said a large portion of those credit unions were chronic late filers.