NCUA: Six Credit Unions Agree to Late-Filing Penalties for Fourth Quarter of 2018

NCUA reported that Six federally insured credit unions subject to civil monetary penalties for filing late Call Reports in the fourth quarter of 2018 have agreed to penalties totaling $5,073.

Penalties for credit unions filing late ranged from $156 to $2,665.  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. The Federal Credit Union Act requires any funds received through civil monetary penalties be sent to the U.S. Treasury.

Three of the six credit unions had assets of less than $10 million, and three had assets between $10 million and $50 million.  Four of the six credit unions had been late in at least one prior quarter.

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.