Number Of CUs Fined For Late Call Reports Drops 30% In Q2: NCUA

ALEXANDRIA, Va. — NCUA is set to receive more than $17,000 in fines from 44 credit unions that have agreed to civil money penalties as a result of filing late second-quarter call reports.

That's down nearly 30% from the 62 institutions that were fined in the first quarter of the year when the agency collected $57,000 in penalty fees.

Individual penalties range from $52 to $1,824, with a median penalty of $256 in the second quarter, the agency said. Only four CUs face fines of $1,000 or more.

NCUA determined each penalty based on the institution's asset size, length of delay and recent call report filing history. More than half of the 44 CUs had assets of less than $10 million, while 10 had assets ranging from $10 million to $50 million. Five late filers had assets ranging from $50 million to $250 million, and two were institutions of $250 million or more.

"The situation is improving, but full compliance remains the goal," NCUA Chairman Debbie Matz said in a statement. "As most of the credit unions that file late are small credit unions, NCUA's Office of Small Credit Union Initiatives has been working with smaller institutions, and we think that has helped several credit unions file on time. Our efforts on compliance and assistance will continue until we get to the point where no credit union files a late Call Report."

Seventy-five CUs filed their 5300s late in Q2 and NCUA worked with regional offices and state supervisors where appropriate as part of an initial review which determined mitigating factors for 19 late filers, for whom penalties were waived. NCUA subsequently determined that an additional 12 CUs would not be penalized, based on information about circumstances that led to the late filing.

A full list of CUs paying late fees can be found here.

In accordance with the FCU Act, the NCUA forwards all penalty monies to the U.S. Treasury.