Only 4 state-chartered CUs face
late call report filing penalties

Dec. 22, 2016 -- Only four federally insured, state chartered credit unions are among the 24 that were assessed civil money penalties by NCUA for filing their call reports late in the second quarter, the agency reported Wednesday.

Total fines assessed to the four state credit unions were $1,045 (out of a total of $9,364 assessed to all 24 credit unions). According to NCUA, penalty assessments are primarily based on three factors: the credit union’s asset size, its recent call report filing history and the length of the filing delay.

In a release, the federal agency stated that it has informed the credit unions of the penalties they face and advised them they could reduce their penalties by signing a consent agreement. NCUA also said it would initiate administrative hearings against credit unions that did not consent. The state credit unions assessed penalties are one each in Michigan, Missouri, North Carolina and Texas.

A total of 35 credit unions filed late call reports late for the second quarter of 2016, NCUA reported, and stated that -- when appropriate – it consulted state supervisory authorities to review state cases. Of the 35, six cases were determined to have mitigating circumstances that led to credit unions not being penalized. Another three credit unions received a requested waiver. The agency reduced the civil money penalty for one credit union. Two state-chartered credit unions paid penalties to their state regulator. The remainder were informed of the penalties they face.

NCUA release: 24 credit unions assessed penalties for late Call Reports