ALEXANDRIA, Va.—Twenty-two federally insured credit unions subject to civil monetary penalties for filing late Call Reports in the fourth quarter of 2015 have consented to fines, NCUA announced Monday.
Twenty-eight credit unions consented to penalties in the fourth quarter of 2014.
The late filers will pay a total of $13,548 in penalties. Individual penalties range from $157 to $2,580. The median penalty was $356. The Federal Credit Union Act requires NCUA to send any funds received through civil monetary penalties to the U.S. Treasury.
“In fewer than four years, the number of late filers has been reduced from 1,744 to 30, and overall compliance is now at more than 99.6%,” NCUA Board Chairman Rick Metsger said. “Our new policies have successfully facilitated compliance, with no additional burden on the vast majority of credit unions that file on time and with relatively small penalties for those who file late.
“NCUA will continue working diligently to help credit unions get their Call Reports in on time, and we’ll keep at it until we have full compliance,” Metsger said. “I hope any credit union that is running into problems meeting the deadline will take advantage of the assistance the agency offers.”
A list of credit unions filing late in the fourth quarter and agreeing to pay civil monetary penalties is available online here.
NCUA said 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 filing delay. Of the 22 credit unions agreeing to pay penalties for the fourth quarter of 2015:
- Fifteen had assets of less than $10 million;
- Five had assets between $10 million and $50 million; and
- Two had assets between $50 million and $250 million.
No credit unions with assets greater than $250 million were subject to civil money penalties for filing late Call Reports in the fourth quarter. Seven of the late-filing credit unions had been late in a previous quarter, the agency stated.