Late Second Quarter Call Report Count: 75
On Aug. 25, the NCUA said 75 federally insured credit unions faced possible fines for filing late call reports for the second quarter.
Four of the credit unions also filed late call reports in the first quarter and 63 have assets of less than $50 million, according to the agency. In total, 55 were federal credit unions and 20 were state chartered.
“(The) NCUA is reviewing the cases to determine whether any of the late filers have mitigating circumstances that warrant a waiver of penalties,” the agency said in a release. “(The) NCUA expects to notify late filers in September of the penalties they face.”
When determining civil penalties, the NCUA considers the size of the credit union, its history of violations and the length of time the report was late.
“The situation continues to improve, but we’re not yet at full compliance, which is where we need to be,” NCUA Board Chairman Debbie Matz said. “It is imperative that every credit union file its call report on time.”
The agency said it will release the names of the credit unions that filed late in the future.