ALEXANDRIA, Va.—Of the 56 federally insured credit unions filing late fourth-quarter Call Reports, 28 have agreed to pay civil money penalties assessed by the NCUA.
The late filers will pay a total of $13,650 in penalties. Individual penalties ranged from $150 to $6,752. The median penalty was $187.50.
Of the 28 credit unions agreeing to pay penalties for the fourth quarter:
- Twenty-four had assets of less than $10 million.
- Three had assets between $10 million and $50 million.
- One had assets of more than $250 million.
No credit unions with assets between $50 million and $250 million filed late in the fourth quarter. None of the late-filing credit unions had been late in the previous quarter.
The number of CUs missing the deadline for their fourth quarter Call Reports actually rose from the previous quarter, when 47 missed the Q3 filing deadline.
As is the agency’s process, NCUA conducted individual case reviews to determine whether there were any cases in which mitigating circumstances warranted a waiver of civil money penalties, with NCUA ultimately removing 28 from the penalty list this time.
The $445-million Primeway FCU received the highest ($6,752) penalty, with the $6.1-milion Suburban FCU next in line at $1,344. No other CUs paid more than $600. Overall, total penalties ($13,650) about matched the previous quarter fine total of $12,820.
A list of credit unions filing late in the fourth quarter and agreeing to pay civil money penalties is available online here.
“While we’ve seen improvement, 28 late filers is still 28 too many,” NCUA Board Chairman Debbie Matz said. “NCUA is working to get full compliance, which is important for effective supervision and accurate data. NCUA’s Office of Small Credit Union Initiatives is also available to help small credit unions in filing their Call Reports on time.”
NCUA reminded that 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.