The National Credit Union Administration has penalized nine federally insured credit unions for failing to file Q4 2017 call reports on time.
The nine CUs will pay penalties totaling $3,109, with individual penalties ranging from $302 to $471, with the median penalty amounting to $315. Per the Federal Credit Union Act, all civil monetary penalties will be paid to the U.S. Treasury.
Each individual credit union’s penalty was determined by three factors: the CU’s size, recent call report filing history and the duration of the filing delay.
Of the nine CUs agreeing to penalties, seven held less than $10 million in assets, with the remaining two holding between $10 million and $50 million. All nine institutions also filed late for Q3 2017.
In total, 17 credit unions filed late call reports for the fourth quarter of 2017, but upon further review, NCUA elected not to penalize six cases due to mitigating circumstances. Two other CUs requested and received waivers.
Filing late call reports – once a problem that plagued more than 1,000 CUs – has virtually ceased since NCUA began penalizing late filers in 2014. While the numbers of CUs filing late occasionally spikes, as in Q3 2017, in most instances fewer than 50 credit unions are penalized per quarter, and in most cases those paying fines are small CUs and repeat offenders.