Credit unions will pay a total of $57,750 in civil money penalties for filing their call reports late, the NCUA announced on Aug. 5.
The NCUA informed 84 credit unions of the penalties they faced in June. They then had the option to sign a consent agreement to cut their fines in half or face the agency in an administrative hearing.
The agency said 62 consented to the fines. Of those, 38 had assets below $10 million, 18 had assets between $10 million and $50 million, and six were between $50 million and $250 million.
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The remaining 22 credit unions explained why they were filing late and thus were not penalized, the NCUA said in its announcement. The penalties ranged from $150 to $20,000 and according to the Federal Credit Union Act would be sent to the U.S. Treasury.
"Our intention is that credit unions fully comply with the deadline for filing call reports," NCUA Board Chairman Debbie Matz said. "We've seen an improvement from the days when more than 1,000 credit unions filed late, but we haven't yet reached the goal of timely filing by all credit unions every quarter."
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