Press
15 credit unions agree to late-filing penalties for first quarter 2015
Agency continues to push for full compliance and to offer assistance
ALEXANDRIA, VA (July 22, 2015) – The number of federally insured credit unions subject to civil money penalties for filing late Call Reports dropped to 15 in the first quarter of 2015, the National Credit Union Administration announced today.
The 15 credit unions have consented to penalties. In the first quarter of 2014, 62 credit unions consented to penalties.
The late filers will pay a total of $5,107 in penalties. Individual penalties range from $45 to $943. The median penalty was $195. The Federal Credit Union Act requires NCUA to send any funds received through civil money penalties to the U.S. Treasury.
“We’ve made real progress during the last year, but full compliance with NCUA’s quarterly filing deadlines is still the goal,” NCUA Board Chairman Debbie Matz said. “To help, NCUA offers assistance so that credit unions can meet their obligations.”
A list of credit unions filing late in the first quarter and agreeing to pay civil money penalties is available online here.
Assessment of penalties primarily depends on three factors: the credit union’s asset size, its recent Call Report filing history and the length of the delay. Of the 15 credit unions agreeing to pay penalties for the first quarter:
- Ten had assets of less than $10 million;
- Four had assets between $10 million and $50 million; and
- One had assets between $50 million and $250 million.
No credit unions with assets greater than $250 million filed late in the first quarter. One of the late-filing credit unions had been late in a previous quarter.
A total of 25 credit unions filed Call Reports late for the first quarter of 2015. NCUA consulted regional offices and, when appropriate, state supervisory authorities to review each case. This review determined mitigating circumstances in three cases that led to credit unions not being penalized. NCUA informed the remaining 22 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 subsequently granted waivers to seven of those credit unions.
NCUA 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.
NCUA’s Office of Small Credit Union Initiatives has dedicated an Economic Development Specialist to assist small credit unions in filing Call Reports on time. NCUA also has produced a video describing how to file Call Reports.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of nearly 100 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.