10 Credit Unions Agree to Late-Filing Penalties for First Quarter of 2018

ALEXANDRIA, Va. – 10 federally-insured credit unions subject to civil monetary penalties for filing late Call Reports in the first quarter of 2018 have agreed to penalties totaling $4,133, the National Credit Union Administration (NCUA) announced.

The NCUA has published a list of credit unions that filed late in the first quarter of 2018 and agreed to pay civil monetary penalties. Assessing penalties primarily rests on three factors: the credit union’s asset size, its Call Report filing history, and the length of the filing delay.

Individual penalties for the first quarter of 2018 ranged from $150 to $920. The median penalty was $415. The Federal Credit Union Act requires the NCUA to send any funds received through civil monetary penalties to the U.S. Treasury.

Eight of the 10 credit unions that agreed to pay penalties for the first quarter had assets of less than $10 million. One credit union had assets between $10 million and $50 million, and one credit union had assets between $50 million and $250 million. All 10 had been late in at least one prior quarter.

Overall, 12 credit unions filed Call Reports late for the first quarter of 2018. Two credit unions requested and received waivers. The NCUA informed the other credit unions of the penalties they faced and advised them they could reduce their penalties by signing a consent agreement. NCUA stated it would initiate administrative hearings against credit unions that did not sign the agreement.

Twelve credit unions agreed to penalties in the first quarter of 2017.

The NCUA provides detailed online guidance for filing Call Reports, including an instructional video. The agency sends reminder messages about Call Report filing deadlines that include information on getting technical support to handle filing problems. The agency also has created an automated reminder email system that contacts credit unions that have not filed their Call Reports and confirms successful filing.