The number of credit unions penalized for filing call reports late in the second quarter of 2017 is more than three times what it was during Q1 and the highest it has been in more than a year, according to new data released today by the National Credit Union Administration.
A total of 39 federally insured credit unions have agreed to pay civil monetary penalties for filing late Q2 call reports, compared to just 12 who paid for Q1. In the same quarter last year, 24 CUs agreed to penalties.
An NCUA spokesperson told Credit Union Journal the regulator could not comment on why the number jumped so high for Q2 and that any answer would be "speculation." There were no changes to call reports between the first and second quarter that could have impacted the filing process.
The last time this many credit unions filed late call reports was for the first quarter of 2016, when 30 CUs consented to penalties, though that figure was double what it was the prior year.
According to NCUA, 50 credit unions filed their second quarter call reports late, but after the regulator consulted regional offices and, when appropriate, state supervisory authorities, the agency determined there were mitigating circumstances in two cases that led to CUs not being penalized and another nine credit unions received a requested waiver.
The 39 CUs will pay a total of $10,150 to the U.S. Treasury.
NCUA said it informed the remaining credit unions of the penalties they faced 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.
Penalties ranged from $57 to $908. The median penalty was $229. Penalties are determined based on asset size, recent call report filing history and the length of the filing delay.
Of the 39 credit unions agreeing to pay penalties for the second quarter of 2017:
- Twenty-nine had assets of less than $10 million;
- Nine had assets between $10 million and $50 million;
- One had assets between $50 million and $100 million; and
- No CUs with assets of more than $250 million filed late call reports.
A list of the 39 CUs that filed late and agreed to penalties is available here.