ALEXANDRIA, Va.—The number of federally insured CUs filing late Call Reports continues to fall, with 14 agreeing to civil money penalties for filing their Q2 Call Report late.
Forty-four CUs consented to penalties for filing their Q1, 2015, Call Report late.
This round the late filers will pay a total of $3,491 in penalties. Individual penalties range from $100 to $576. The median penalty was $185. The $85-million Day-Met CU in Dayton, Ohio, agreed to the largest penalty ($576). Click here for the list of penalized CUs.
“NCUA still needs full compliance with timely Call Report filing,” NCUA Board Chairman Debbie Matz said. “The goal is in sight. I encourage credit unions having difficulties meeting the quarterly deadline to take advantage of the assistance NCUA offers.”
NCUA reminded that the assessment of penalties primarily rests on three factors: the credit union’s asset size, its recent Call Report filing history and the length of the delay. Of the 14 credit unions agreeing to pay penalties for the second quarter:
- Eleven had assets of less than $10 million
- Two had assets between $10 million and $50 million
- One had assets between $50 million and $250 million.
No credit unions with assets greater than $250 million filed late in the second quarter. One of the late-filing credit unions had been late in a previous quarter, the agency stated.
A total of 28 credit unions filed Call Reports late for the second quarter of 2015. NCUA said it consulted regional offices and, when appropriate, state supervisory authorities to review each case. This review determined mitigating circumstances in six 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 eight of those credit unions.
NCUA noted that it 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 e-mail system that contacts credit unions that have not filed their Call Reports and confirms successful filing.