Thirty credit unions have agreed to pay penalty fines for late Q1 Call Reports – double the number that consented to penalties during the first quarter of 2015 and eight more than were cited for late Call Reports in Q4 2015.
A total $20,036 will be paid to the U.S. Treasury, the National Credit Union Administration announced in a release, with individual penalties ranging from $151 to $6,734. The median penalty was $274, and only four CUs faced penalties of more than $1,000.
"I'm disappointed the number of late filers has risen," NCUA Board Chairman Rick Metsger said in a statement. "While we are still far below the levels of late filers of just a few years ago, the goal remains full compliance. I'd remind credit unions NCUA offers support if they run into problems meeting the Call Report filing deadline, and we hope they will take advantage of that assistance."
Of those credit unions facing late fines, twenty had assets of less than $10 million. Nine had assets ranging from $10 million to $50 million, and one had assets of more than $250 million. Five of these late filers were late with their Q4 2015 Call Reports as well. Penalties are determined based on asset size, recent Call report filing history and the length of the filing delay.
NCUA said that 40 credit unions filed late Q1 Call Reports. The regulator consulted regional offices and, when appropriate, state supervisory authorities to review each case. That review determined mitigating circumstances in three cases that led to credit unions not being penalized. Another six credit unions received a requested waiver. One credit union paid a civil monetary penalty to its state regulator.
The full listing of all 30 late filers and their penalties is available
