62 Credit Unions Agree to Late-Filing Penalties

The National Credit Union Administration (NCUA) has announced that 62 credit unions have agreed to pay fines for filing late call reports.

According to a news release issued by the NCUA, a total of 104 credit unions filed Call Reports late for the first quarter of 2014, but the regulator consulted regional offices and, when appropriate, state supervisory authorities. NCUA said those consultations determined mitigating circumstances in 20 cases allowed credit unions to avoid a penalty.

NCUA informed the remaining 84 credit unions in mid-June of penalties they faced, and advised them they could reduce their penalties by signing a consent agreement.

A list of credit unions that filed late and that have agreed to pay civil money penalties is available online.

Two of the credit unions signing agreements are based in Washington, and one in Oregon. As previously reported in Anthem, five Northwest credit unions received notices of possible penalties earlier this year — one in Oregon and four in Washington.

The late filers will pay a total of $57,750 in penalties. Individual penalties range from $150 to $20,000. The median fine was $243. The Federal Credit Union Act requires any civil money penalties be sent to the U.S. Treasury.

“Our intention is that credit unions fully comply with the deadline for filing Call Reports,” NCUA Board Chairman Debbie Matz said. “We’ve seen an improvement from the days when more than 1,000 credit unions filed late, but we haven’t yet reached the goal of timely filing by all credit unions every quarter.”

Questions about this story? Contact Lynn Heider: 503.350.2225, lheider@nwcua.org.

Posted in NCUA.