The NCUA announced on May 5 that 28 federally insured credit unions were fined for filing late fourth quarter 2014 call reports.
The number of late filers is down from 31 credit unions that missed the deadline for filing third quarter 2014 call reports.
The late filers will pay a total of $13,650 in penalties. Individual penalties range from $150 to $6,752. The median penalty was $187.50. The Federal Credit Union Act requires the NCUA to send any funds received through civil money penalties to the U.S. Treasury.
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"While we've seen improvement, 28 late filers is still 28 too many," NCUA Board Chairman Debbie Matz said. "(The) NCUA is working to get full compliance, which is important for effective supervision and accurate data. (The) NCUA's Office of Small Credit Union Initiatives is also available to help small credit unions in filing their call reports on time."
According to the NCUA, 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.
Of the 28 credit unions agreeing to pay penalties for the 4th quarter, 24 had assets of less than $10 million, three had assets between $10 million and $50 million and one had assets of more than $250 million.
No credit unions with assets between $50 million and $250 million filed late in the fourth quarter. None of the late filing credit unions had been late in the previous quarter.
A total of 56 credit unions filed call reports late for the fourth quarter. An NCUA review determined mitigating circumstances in 20 cases that led to credit unions not being penalized. In March, the NCUA informed the remaining 36 credit unions of the penalties they faced and advised them they could reduce their penalties by signing a consent agreement.
The NCUA also said it would initiate administrative hearings against credit unions that did not consent. The NCUA subsequently granted waivers for eight of those credit unions. The remaining 28 credit unions consented.
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