ALEXANDRIA, Va. — NCUA will collect $12,820 in penalties from credit unions that filed late Call Reports in Q3 2014, the regulator said in a statement released Thursday.

Thirty-one CUs subject to civil penalties for late filing have consented to those penalties, which range from $138 to $1,878, with a median penalty of $176. The FCU Act requires that NCUA forward any funds to the U.S. Treasury.

Forty-seven CUs filed late 5300s for the third quarter, and the regulator worked with regional offices and, where appropriate, state supervisory authorities to review each case. A review determined mitigating circumstances in five cases in which CUs were not penalized. In December, 42 CUs were informed of the penalities they faced, and the regulator threatened to initiate administrative hearings against those that did not sign consent agreements to reduce their penalties. NCUA granted waivers to 11 of those institutions, with the remaining 31 credit unions consenting.

"The number of late filers continues to drop, and that's encouraging," NCUA Chairman Debbie Matz said in a statement. "Hopefully, we'll soon have full compliance, which is really necessary for efficient data gathering and effective regulation."

Matz reminded that NCUA's Office of Small Credit Union Initiatives (OSCUI) is available to help small CUs file their reports—a pertinent fact, given that 26 of the 31 CUs had assets of $50 million or less, and 19 of them with assets of less than $10 million. Five late filers had assets of between $50 million and $250 million. No CUs with assets greater than $250 million filed late in Q3.

Only four credit unions paying fines for the third quarter are facing penalties of more than $1,000, and most face fines of only a few hundred dollars. A full list of the credit unions to pay penalties and the exact amount they are subject to is available here.

Subscribe Now

Authoritative analysis and perspective for every segment of the credit union industry

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.