The 44 credit unions that filed their second quarter call reports late have agreed to pay a total of $17,111 in civil money penalties, the NCUA announced Wednesday.
The individual penalties ranged from $52 to $1,824 and the median penalty was $256. The NCUA is required by law to send the civil money penalties to the U.S. Treasury. Two of the credit unions also filed late in the first quarter.
According to the NCUA, the amount of the penalty depends on the credit union's asset size, its recent call report filing history and the length of the delay.
In total, 27 of the 44 credit unions had assets of less than $10 million, 10 had assets between $10 million and $50 million, five had assets between $50 million and $250 million and two had assets greater than $250 million. The $331 million Sea West Coast Guard FCU in Oakland, Calif., topped the list with an $1,824 fine, followed by the $218 million Altana FCU in Billings, Mont. with a $1,230 fine.
“The situation is improving, but full compliance remains the goal,” NCUA Board Chairman Debbie Matz said. “As most of the credit unions that file late are small credit unions, the NCUA's Office of Small Credit Union Initiatives has been working with smaller institutions, and we think that has helped several credit unions file on time. Our efforts on compliance and assistance will continue until we get to the point where no credit union files a late call report.”
In total, 75 credit unions filed late for the second quarter. There were some credit unions that filed late but were not fined.
“During an initial review, the NCUA consulted regional offices and, when appropriate, state supervisory authorities. This review determined mitigating circumstances in 19 cases justified waiving the penalty,” said an NCUA press release.
“The NCUA informed the remaining 56 credit unions in mid-August of penalties they faced, and the agency advised them they could reduce their penalties by signing a consent agreement.”
The NCUA said it would begin administrative hearings against credit unions that did not consent to the penalties.
“Twenty credit unions subsequently provided the agency with information about circumstances that led to the late filing. NCUA determined 12 of those credit unions would not be penalized. One credit union saw its penalty reduced,” the agency said.
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