Fourteen federally insured credit unions will cough up fines for filing late Call Reports for Q2 2015, the NCUA announced Wednesday.
The late filers will pay a total of $3,491 in penalties. Individual penalties range from $100 to $576, and the median penalty is $185, the agency said. The Federal Credit Union Act requires the NCUA to send any funds received through civil monetary penalties such as these to the U.S. Treasury.
"(The) NCUA still needs full compliance with timely Call Report filing," NCUA Board Chairman Debbie Matz said. "The goal is in sight. I encourage credit unions having difficulties meeting the quarterly deadline to take advantage of the assistance NCUA offers."
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A list of the 14 credit unions that agreed to pay civil monetary penalties can be viewed here.
Each credit union's penalty amount primarily rests on three factors, the NCUA said: The credit union's asset size, its recent Call Report filing history and the length of the delay. Of the 14 credit unions, 11 had assets of less than $10 million, two had assets between $10 million and $50 million; and one had assets between $50 million and $250 million.
A total of 28 credit unions filed Call Reports late for Q2 2015. The NCUA said it consulted regional offices and, when appropriate, state supervisory authorities to review each case, and determined mitigating circumstances in six cases that led to those credit unions not being penalized.
The NCUA then informed the remaining 22 credit unions of the penalties they faced and told them they could reduce their penalties by signing a consent agreement. Eight of those credit unions were waived from paying penalties after signing the consent agreement.
The agency also noted it sends reminder messages about Call Report filing deadlines that include information on how to receive technical support to handle filing problems, and has created an automated reminder email system that contacts credit unions that have not filed their Call Reports and confirms successful filing.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
