Call Report Penalties Total $57,750
Credit unions will pay a total of $57,750 in civil money penalties for filing their call reports late, according to the NCUA.
The NCUA informed 84 credit unions of the penalties they faced in June. The credit unions had the option to sign a consent agreement to cut their fines in half or face the agency in an administrative hearing.
Out of the 84 credit unions that received a letter from the NCUA after filing late, 62 consented to the fines. In total, 38 of the credit unions have assets below $10 million, 18 have assets between $10 million and $50 million, and 6 are between $50 million and $250 million.
The NCUA said the penalties range from $150 to $20,000 and the median fine was $243. According to the Federal Credit Union Act, paid penalties are sent to the U.S. Treasury.
The remaining 22 credit unions gave the agency information explaining the reason for filing late.
“NCUA determined 22 of those credit unions would not be penalized,” the agency said in a press release on Tuesday.
“Our intention is that credit unions fully comply with the deadline for filing Call Reports,” NCUA Board Chairman Debbie Matz said. “We’ve seen an improvement from the days when more than 1,000 credit unions filed late, but we haven’t yet reached the goal of timely filing by all credit unions every quarter.”