ALEXANDRIA, Va.—NCUA is reporting that all 44 credit unions subject to civil money penalties for the late filing of their second-quarter Call Reports have consented to those penalties. The agency said the late filers will pay a total of $17,111 in penalties that will range from $52 to $1,824, with a median of $256. The Federal Credit Union Act requires NCUA to send any civil money penalties to the U.S. Treasury.
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 44 credit unions paying penalties in the second quarter:
- Twenty-seven had assets of less than $10 million.
- Ten had assets between $10 million and $50 million.
- Five had assets between $50 million and $250 million.
- Two had assets greater than $250 million.
Four of the credit unions assessed penalties had been late in the previous quarter, NCUA said. A list of late filers can be found at http://www.ncua.gov/Legal/Regs/Pages/ConsentOrdersLateFilers.aspx.
NCUA said 75 credit unions filed Call Reports late for the second quarter. During an initial review, NCUA consulted regional offices and, when appropriate, state supervisory authorities. This review determined mitigating circumstances in 19 cases justified waiving the penalty. NCUA said it informed the remaining 56 credit unions in mid-August of penalties they faced, and the agency advised them they could reduce their penalties by signing a consent agreement. NCUA also said the agency would initiate administrative hearings against credit unions that did not consent.
Twenty credit unions subsequently provided the agency with information about circumstances that led to the late filing. NCUA determined 12 of those credit unions would not be penalized. One credit union saw its penalty reduced.