The NCUA announced Monday that 22 credit unions filed late Call Reports for the fourth quarter of 2015 and agreed to pay penalties for the infraction.
Twenty-two credit unions also filed late and were fined in the third quarter of 2015. In the fourth quarter of 2014, 28 credit unions filed late and were subject to civil penalties.
An additional eight credit unions filed late during the fourth quarter of 2015, but the NCUA found mitigating circumstances for the late filings.
The late filers will pay a total of $13,548 in penalties, with the fines ranging from $157 to $2,580. The median penalty was $356.
The NCUA board is scheduled to receive a briefing on Call Report modernization at its Thursday meeting. The agency currently has a floating deadline that can change depending on the month. Credit union CEOs urged the NCUA to set a fixed date for filing the reports.
Still, the number of credit unions filing late reports has dropped.
“In fewer than four years, the number of late filers has been reduced from 1,744 to 30, and overall compliance is now at more than 99.6%,” NCUA Board Chairman Rick Metsger said. “Our new policies have successfully facilitated compliance, with no additional burden on the vast majority of credit unions that file on time and with relatively small penalties for those who file late.
Of the credit unions fined, 15 had assets of less than $10 million, while none had assets greater than $250 million. Seven of the late filers had been late in a previous quarter.
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