ALEXANDRIA, Va. — The number of credit unions paying penalties for late Call Reports continues to decline, but the overall amount to be paid and the median penalty rose slightly for the fourth quarter of 2014, according to data released today by NCUA.
Twenty-eight credit unions have consented to pay late-filing penalties totaling $13,650, with individual penalties ranging from $150 to $6,752. The median penalty is $187.50. All penalty fines will be directed to the U.S. Treasury Department in accordance with the Federal Credit Union Act
While credit unions paying penalties for Q3 tardiness paid a median penalty of $176 and the lowest fee was $138, the maximum penalty this time around is more than three times that of the previous quarter, when penalties topped out at $1,878. The outlier is Houston-based Primeway FCU, which is the only credit union on the list with more than $250 million in assets. Of the remainder, 24 had assets of less than $10 million, and three had assets of $10 million to $50 million.
Assessment penalties are based on the CU's size, its Call Report filing history, and length of the delay. None of the 28 credit unions paying fines were late the previous quarter.
"While we've seen improvement, 28 late filers is still 28 too many," NCUA Board Chairman Debbie Matz said in a statement. "NCUA is working to get full compliance, which is important for effective supervision and accurate data. NCUA's Office of Small Credit Union Initiatives is also available to help small credit unions in filing their Call Reports on time."
The 28 CUs paying late fines represents just half of those CUs that filed late for Q4. After consulting with regional offices and state supervisory authorities wehre appropriate, NCUA determined mitigating circumstances for 20 CUs that caused them to file late, while eight of the remaining 36 institutions were granted waivers.
The list of Q4 late filers and the penalties they have agreed to is available
