ALEXANDRIA, Va.—Twenty-two credit unions have agreed to penalties for filing late Call Reports in the third quarter of 2015, NCUA reported.
The agency noted that in the third quarter of 2014, 31 credit unions consented to penalties, but that the number of late filers in Q3 2015 increased to 40 from 28 in the previous quarter, as did the number consenting to penalties. Fourteen CUs agreed to penalties in Q2, 2015.
NCUA said the late filers will pay a total of $18,682 in penalties. Individual penalties range from $115 to $10,000. The median penalty was $330.
“While the year-over-year number has dropped, it’s disappointing to see the number of late filers up from the previous quarter,” NCUA Board Chairman Debbie Matz said. “I urge credit unions that are encountering difficulties meeting the Call Report filing deadline to take advantage of the assistance NCUA offers. The agency needs all credit unions to file in a timely manner.”
A list of credit unions filing late in the third quarter and agreeing to pay civil monetary penalties is available here. The $1.3-billion Westerra CU in Denver was hit with the biggest fine ($10,000), one of the largest penalties to date.
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 22 credit unions agreeing to pay penalties for the third quarter of 2015:
- Ten had assets of less than $10 million;
- Eight had assets between $10 million and $50 million;
- Three had assets between $50 million and $250 million; and
- One had assets greater than $250 million.
Three of the late-filing credit unions had been late in a previous quarter, NCUA said.
NCUA said it consulted regional offices and, when appropriate, state supervisory authorities to review each late filer case.
“This review determined mitigating circumstances in nine cases that led to credit unions not being penalized,” the agency said. “NCUA informed the remaining 31 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 nine of those credit unions.”