Regulator fines 39 credit unions for filing late 2Q call reports

Penalties for filing call reports late for the second quarter of 2017 were agreed to by 39 federally insured credit unions for total fines of $10,150, the National Credit Union Administration (NCUA) said Friday.

The fines assessed (civil money penalties) ranged from $57 to $908; the median penalty was $229. The agency said assessment of penalties primarily rests on: the credit union’s asset size, its recent call report filing history, and the length of the filing delay.

The agency said 50 credit unions filed late reports. Eleven credit unions were spared fines either because an NCUA (and, in some cases, state regulatory agency) review determined there were mitigating circumstances (in two cases), or a waiver was requested and granted (in the other nine cases).

“Of the 39 credit unions agreeing to pay penalties for the second quarter, 29 had assets of less than $10 million; nine had assets between $10 million and $50 million; and one had assets between $50 million and $100 million,” NCUA said. “No credit unions with assets of more than $250 million filed late Call Reports. Ten of the late-filing credit unions had been late in a previous quarter.”

The agency said it informed the penalized credit unions of the punishments they faced and advised them they could reduce their penalties by signing a consent agreement. It warned the credit unions it would initiate administrative hearings against those that did not consent, NCUA said.

39 Credit Unions Agree to Late-Filing Penalties for Second Quarter 2017