ALEXANDRIA, Va. — The National Credit Union Administration Tuesday said that 62 credit unions subject to late-filing penalties for first-quarter call reports have consented to pay.
Those CUs will pay a total of $57,750 in penalties, though their individual obligations will range from $150 to $20,000. The median fine was $243.
"Our intention is that credit unions fully comply with the deadline for filing call reports," NCUA Chairman Debbie Matz said in a statement. "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."
The bulk of those CUs subject to fines — 38 of the 62 (61%) — have assets below $10 million, with another 18 holding assets between $10 million and $50 million. The remaining six have assets between $50 million and $250 million.
The CU paying the highest penalty — $20,000 — is Animas CU, a $125 million institution based in Farmington, N.M. It is the only CU paying that much, and its fee is about four times larger than the next-highest late-filer's fee, $4,885, owed by United Consumers CU in Independence, Mo.
Just 12 of the CUs on NCUA's list are paying more than $1,000 in late fines.
The lowest late fee is $150, owed by Greater Institutional AME Church CU, a $61,000 institution in Chicago.
A full list of NCUA's late filers can be seen
Although 62 CUs will pay late fines, NCUA determined that 104 credit unions filed their first-quarter call reports late. But the agency consulted with regional offices and state supervisory authorities when appropriate and ultimately determined mitigating circumstances that allowed 20 of those CUs to avoid penalties.
Another 22 were later determined to have provided NCUA with enough information about the circumstances that led to their late filing that they were left off the list of CUs to be penalized.
The amount of each CU's penalty was based on its asset size, length of delay and whether it was late filing its call report for the previous quarter.
