The NCUA announced Thursday that 31 federally insured credit unions have consented to a total of $12,820 in civil money penalties for filing third-quarter 2014 Call Reports.
Individual penalties ranged from $138 to $1,878 and the median penalty was $176.
Under the Federal Credit Union Act, the NCUA is required to send any funds received to the U.S. Treasury, the agency said.
“Hopefully, we'll soon have full compliance, which is really necessary for efficient data gathering and effective regulation,” NCUA Board Chairman Debbie Matz said. “NCUA's Office of Small Credit Union Initiatives is still available to help smaller institutions, and we will keep working to get to the point where all credit unions file Call Reports on time.”
According to the NCUA, “the 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.”
None of the credit unions that filed late had assets above $250 million; 19 had assets of less than $10 million; seven had assets between $10 million and $50 million; and five had assets between $50 million and $250 million. One of the credit unions was late in a previous quarter.
In total, 47 credit unions filed late in the third quarter, according the NCUA. The regulator consulted regional offices and state supervisory authorities, when necessary, to review each of the 47 cases.
“This review determined mitigating circumstances in five cases that led to credit unions not being penalized,” the agency said.
Last month, 42 credit unions were informed of the penalties and offered an opportunity to reduce their penalties by signing a consent agreement.
The NCUA told the credit unions it would initiate administrative hearings against the institutions that did not consent to the penalties.
“NCUA granted waivers for 11 of those credit unions. The remaining 31 credit unions consented,” the agency said.
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