ALEXANDRIA, Va.–Of the 47 federally insured credit unions filing late Call Reports in the third quarter, 31 have been assessed civil money penalties by the NCUA.
The late filers will pay a total of $12,820 in penalties. Individual penalties range from $138 to $1,878. The median penalty was $176.
As has been the approach prior to the agency levying any civil money penalties on late filers, NCUA conducted individual case reviews to determine whether there were any cases in which mitigating circumstances warranted a waiver of civil money penalties.
This review determined mitigating circumstances in five cases that led to credit unions not being penalized. In December, NCUA informed the remaining 42 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 granted waivers for 11 of those credit unions. The remaining 31 credit unions consented.
The number of federally insured credit unions filing late Call Reports in the third quarter was down from the 75 tardy credit unions in the second quarter.
“The number of late filers continues to drop, and that’s encouraging,” NCUA Board Chairman Debbie Matz said. “Hopefully, we’ll soon have full compliance, which is really necessary for efficient data gathering and effective regulation. NCUA’s Office of Small Credit Union Initiatives is still available to help smaller institutions, and we will keep working to get to the point where all credit unions file Call Reports on time.”
One credit union that filed late in the third quarter also filed late in a previous quarter. Among the fined, 19 had assets of less than $10 million, seven had assets between $10 million and $50 million, and five had assets between $50 million and $250 million.
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