Twenty-four credit unions have agreed to pay penalties for filing late Q2 Call Reports, the National Credit Union Administration announced today, with penalties totaling $9,364.
Individual penalties ranged from $150 to $1,057, with the median penalty coming in at $303.
The 24 CUs facing late fees represents an increase from the same time last year, when 14 credit unions consented to such penalties. This is the second consecutive quarter that the number of credit unions paying late fines has increased year-over-year; 30 CUs faced penalties for late Q1 Call Reports, compared to 15 who paid late fines for the first quarter of 2015.
Of those 24 credit unions, the majority (16) are very small entities, with assets of less than $10 million. Another five had assets of between $10 million and $50 million, and three had assets between $50 million and $250 million.
Moreover, eight of these late-filing credit unions were late in a previous quarter.
On the whole, 35 credit unions filed Call Reports late for the second quarter of 2016. A subsequent review by NCUA found "mitigating circumstances" in six cases that led to credit unions not being penalized. Another three credit unions received a requested waiver. The agency also reduced the civil money penalty for one credit union. In addition, two state-chartered credit unions paid penalties to their state regulator.
The full list of CUs facing penalties can be found on
"I hope credit unions that encounter problems getting their Call Reports in on time, especially those who have these problems repeatedly, will take advantage of the assistance NCUA offers," NCUA board chairman Rick Metsger said in a statement. "Timely data analysis is important to our mission, so it is also important that credit unions get their Call Reports filed by the deadline. We've taken steps to give credit unions some extra time, and, hopefully, we'll see the number of late filers dropping."
The Federal Credit Union Act mandates that any civil monetary penalties NCUA receives are forwarded on to the U.S. Treasury.
