ALEXANDRIA, Va.– The number of federally insured credit unions filing late Call Reports in the third quarter was 47, down from 75 tardy credit unions in the second quarter, NCUA reported Tuesday.
As has been the approach prior to the agency levying any civil money penalties on late filers, NCUA is conducting individual case reviews to determine whether there are any cases in which mitigating circumstances warrant a waiver of civil money penalties.
NCUA expects to notify the latest round of late filers in early December of the penalties they face. Penalties are determined by the individual credit union’s asset size, its recent Call Report filing history and the length of the filing delay.
“Effective regulation requires timely information, and we’re getting closer to reaching the goal of full compliance,” NCUA Chairman Debbie Matz said. “We’ve been reminding credit unions of their responsibilities, and the Office of Small Credit Union Initiatives has been working with smaller institutions to help them file on time. All these efforts will continue.”
One credit union that filed late in the third quarter also filed late in a previous quarter. Forty of the late-filing credit unions have assets of less than $50 million--30 are under $10 million, 10 range from $10 million to $50 million. The remaining seven have assets between $50 million and $250 million.
NCUA expects to make public in January the names of late filers paying civil money penalties.
Of the 75 credit unions that were late fling their second quarter Call Reports, 44 credit unions consented to civil money penalties. According to NCUA, these late filers paid a total of $17,111 in penalties that ranged 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.
Related links
47 The Number Of Latest Late Filers