ALEXANDRIA, Va.–NCUA has fined 15 credit unions for filing late call reports for the first quarter, a decline from the 62 CUs that were fined for being late in Q1 of 2014.
All 15 have consented to the civil money penalties and will pay a total of $5,107. 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 in a statement. “To help, NCUA offers assistance so that credit unions can meet their obligations.”
The 15 credit unions are: Alcoa Community, All Souls, EME, Gloucester Fire Department, Greater Centennial, Greater Pittsburch, Groton Municipal Employees, N.U.L., Nebraska Rural Community, Northwest Hills, Rancocas, Rapides General Hospital Employees, Reeves County Teachers, S M, and St. Thomas (see chart below).
According to NCUA, 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
- 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.
NCUA said that 25 credit unions filed Call Reports late for the first quarter of 2015. The agency said it 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.