The National Credit Union Administration on Tuesday said 25 federally insured credit unions paid civil monetary penalties for filing late Call Reports in the fourth quarter of 2016.
The 25 CUs consented to penalties totaling $10,365, the regulator said.
In the fourth quarter of 2015, 22 credit unions consented to penalties.
Individual penalties for Q4 2016 late filers ranged from $151 to $2,509. The median penalty was $253. The Federal Credit Union Act requires NCUA to send any funds received through civil monetary penalties to the U.S. Treasury.
According to NCUA, the assessment of penalties primarily rests on three factors: the credit union’s asset size, its recent call report filing history, and the length of the filing delay.
Of the 25 credit unions agreeing to pay penalties for the fourth quarter of 2016:
- Eleven had assets of less than $10 million;
- Nine had assets between $10 million and $50 million;
- Four had assets between $50 million and $250 million; and
- One had assets greater than $250 million.
Four of the late-filing credit unions had been late in a previous quarter, the agency added.
A total of 41 credit unions filed call reports late for the fourth quarter of 2016. NCUA consulted regional offices and, when appropriate, state supervisory authorities to review each case. That review determined there were mitigating circumstances in nine cases that led to credit unions not being penalized. Another six credit unions received a requested waiver. One state-chartered credit union paid a penalty to its state regulator.
NCUA said it informed the remaining credit unions of the penalties they faced and advised them they could reduce their penalties by signing a consent agreement. NCUA also said it would initiate administrative hearings against credit unions that did not consent.
NCUA noted it sends reminder messages about call report filing deadlines that include information on how to receive technical support to handle filing problems. The agency also has created an automated reminder email system that contacts credit unions that have not filed their Call Reports and confirms successful filing.
A list of credit unions filing late in the fourth quarter of 2016 and agreeing to pay civil monetary penalties is available online
