The total amount of federally insured credit unions that filed call reports late in the third quarter dropped to 47 from 75 in the second quarter, according to the NCUA.
"NCUA is conducting individual case reviews to determine whether there are any cases in which mitigating circumstances warrant a waiver of civil money penalties," the agency said Tuesday. "NCUA expects to notify late filers in early December of the penalties they face."
The amount of the civil penalty is determined by each credit union's asset size, recent call report filing history and length of the filing delay.
In total, 40 of the late-filing credit unions have assets of less than $50 million, the NCUA said. One credit union missed the deadline in the second and third quarter.
"Effective regulation requires timely information, and we're getting closer to reaching the goal of full compliance," NCUA Chairman Debbie Matz said. "We've been reminding credit unions of their responsibilities, and the Office of Small Credit Union Initiatives has been working with smaller institutions to help them file on time. All these efforts will continue."
In the second quarter, 44 credit unions agreed to pay civil money penalties totaling $17,111.
The NCUA said it expects to release the names of the late filers that pay civil money penalties for the third quarter in late January.
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