The National Credit Union Administration (NCUA) announced Monday that 22 federally insured credit unions have agreed to pay civil monetary penalties for filing late Call Reports in the fourth quarter of 2015.
That figure compares with 28 credit unions that consented to penalties in the fourth quarter of 2014.
All told, the recent round of late filers will pay a total of $13,548 in penalties – with individual penalties ranging from $157 to $2,580. The median penalty amounted to $356. Under the terms of The Federal Credit Union Act, NCUA is obligated to send any funds received from the payment of civil monetary penalties to the U.S. Treasury.
On the whole, a total of 30 credit unions filed Call Reports late for the fourth quarter of 2015. However, after NCUA consultations with regional offices and, in some cases, reviews by state supervisory authorities, eight of those credit unions were not assessed any penalties due to "mitigating circumstances."
The size of penalties is assessed based on three principal factors: the credit union's asset size, its recent Call Report filing history and the length of the filing delay.
Of the 22 credit unions that agreed to pay penalties: 15 were very small, having assets of less than $10 million; five had assets between $10 million and $50 million; and just two had assets between $50 million and $250 million.
The credit unions are:
*Access of Louisiana (based in Sulphur La.; $284 fine; $28-million assets)
- Bethany Baptist Christian (Chester, Pa.; $157 fine; $75,000 assets)
- C D S C Louisiana (Coushatta, La.; $418 fine; $18.2-million assets)
- CCC Van Wert (Van Wert, Ohio; $307 fine; $663,000 assets)
- Chula Vista City Employees (Chula Vista, Calif.; $1,000 fine; $2.8-million assets)
- Collegeville Community (Saint Joseph, Minn.; $327 fine; $11.6-million assets)
- Cooperative Center (Berkeley, Calif; $1,819 fine; $135.5-million assets)
- Cornerstone Baptist Church (Brooklyn, N.Y.; $457 fine; $56,000 assets)
- Dunlop Employees (Tonawanda, N.Y.; $369 fine; $14.1-million assets)
- Gulf (Groves, Texas; $2,580 fine; $249-million assets)
- Hilco (Kerrville, Texas, $1,538 fine; $8.8-million assets)
- Immaculate Conception Fall River (Fall River, Mass.; $158 fine; $1.5-million)
- Jacksonville Firemen's (Jacksonville, Fla.; $1,233 fine; $31.9-million assets)
- Louchem (Louisville, Ky.; $274 fine; $25.5-million assets)
- Northampton V.A.F. (Leeds, Mass.; $263 fine; $7.5-million assets)
- Pasadena Postal (Pasadena, Texas; $373 fine; $1.7-million assets)
- Quay Schools (Tucumcari, N.M.; $537 fine; $6.4-million assets)
- S.C.H.D. District #7 (Orangeburg, S.C.; $192 fine; $2.6-million assets)
- SCF Westchester N. Y. Employees (White Plains, N.Y.; $343 fine; $1.5-million assets)
- Waconized (Waco, Texas; $424 fine; $4.5-million assets)
- Wesley AME Zion (Philadelphia, Pa. $157 fine; $108,000 assets)
- White Plains P O Employees (White Plains, N.Y.; $338 fine; $1.3-million assets)
"In fewer than four years, the number of late filers has been reduced from 1,744 to 30, and overall compliance is now at more than 99.6%," said NCUA board chairman Rick Metsger in a statement. "Our new policies have successfully facilitated compliance, with no additional burden on the vast majority of credit unions that file on time and with relatively small penalties for those who file late."
Metsger added that the NCUA will continue "working diligently" to help credit unions get their Call Reports in on time until "we have full compliance."
As Credit Union Journal reported previously, NCUA has long encouraged federally-insured credit unions to file their quarterly Call Reports in a "timely manner."
Former NCUA Chairman Debbie Matz had characterized late filings as "a serious problem." For example, during the third-quarter 2013 reporting cycle, more than 1,000 federally- insured credit unions, of all asset sizes, filed their reports after the Oct. 22 deadline of that period. Matz also had warned that late filing impacts the NCUA's ability to conduct effective off-site supervision and delays the release of quarterly industry data to the general public. "It is also a drain on NCUA resources, as field examiners are required to follow-up with tardy [credit unions]," she cited.
In the fourth quarter of 2013, the number of late filers dropped to 561, and then plunged to 104 in first quarter of 2014.
