ALEXANDRIA, Va.– Twenty-six federally insured credit unions hit with civil monetary penalties for filing late Call Reports in the third quarter of 2016 have consented to penalties totaling $17,485, NCUA said.
That compares to the third quarter of 2015 when 22 credit unions consented to penalties, according to the agency.
Individual penalties ranged from $45 to $10,000. The median penalty was $174. The Federal Credit Union Act requires NCUA to send any funds received through civil monetary penalties to the U.S. Treasury.
Hit with penalties were: Alpine Community, CTAFC CU, Cen Tex Manufacturing, Citizens Community, Cross Roads, Dixie Craft Employees, Eaton Employees, Galveston Government Employees, General Portland Peninsular Employees, Genuine Parts, Haverhill Fire Department, HILCO, Kaskaskia Valley, LOC, Louchem, M.E. Employees, Magnify, Newark Post Office Employees, Newrizons, North Georgia Community, Northeast Mississippi, Northwestern, Revere Firefighters, Springfield City Employees, Valley Wide of Pennsylvania, and Wakefield Town Employees.
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 26 credit unions agreeing to pay penalties for the third quarter of 2016:
- Fourteen had assets of less than $10 million
- Nine had assets between $10 million and $50 million
- Three had assets between $50 million and $250 million
No credit unions with assets of more than $250 million were subject to civil monetary penalties for filing late Call Reports in the third quarter. Three of the late-filing credit unions had been late in a previous quarter, NCUA said.
Overall, 40 credit unions filed Call Reports late for the third quarter of 2016. NCUA consulted regional offices and, when appropriate, state supervisory authorities to review each case. That review determined mitigating circumstances in six cases that led to credit unions not being penalized, NCUA said, adding that another six credit unions received a requested waiver. Two state-chartered credit unions paid penalties to their state regulators.
NCUA informed the remaining 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.