On Feburary 8, 2017, the National Credit Union Administration (NCUA) issued a press release announcing that 26 federally insured credit unions have consented to penalties for filing their 2016 third quarter Call Reports late. In 2016, 22 credit unions consented to penalties for filing late Call Reports in the third quarter of 2015.
According to the press release, individual penalties ranged from $45 to $10,000. A list of the credit unions that agreed to pay civil monetary penalties is available on the NCUA’s website.
The assessment of penalties primarily rests on three factors:
- the credit union’s asset size;
- the credit union’s recent Call Report filing history; and
- the length of the filing delay.
Of the 26 credit unions agreeing to pay penalties for the third quarter of 2016:
- Fourteen had assets of less than $10 million;
- Nine had assets between $10 million and $50 million; and
- Three had assets between $50 million and $250 million.
According to the press release, 40 credit unions filed Call Reports late for the third quarter of 2016. The NCUA and state supervisory authorities review each case as necessary. That review found mitigating circumstances in six cases that led to credit unions not being penalized. Six other credit unions requested and received a waiver. And two state-chartered credit unions paid penalties to their state regulators.
The NCUA informed the remaining credit unions of the penalties they faced and indicated that the credit unions could face reduced penalties in exchange for signing a consent agreement. The NCUA also stated that credit unions that did not consent would be subject to administrative hearings.
The NCUA’s press release notes that the NCUA sends reminder messages about Call Report filing deadlines and provides information on how to get technical support when filing issues arise. For information and guidance regarding filing Call Reports, see the NCUA’s video.
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