Peabody Municipal Federal Credit Union was the only credit union in Massachusetts to pay a civil penalty for turning in a late call report and missing the March deadline for the second quarter of 2017, according to the National Credit Union Administration.

The civil penalty only amounted to $284.

Overall, 39 federally insured credit unions were subject to civil monetary penalties for filing late call reports in the second quarter of 2017, and have agreed to penalties totaling $10,150. That is a significant increase from the second quarter of 2016, when only 24 credit unions missed the deadline.

Individual penalties for the second quarter ranged from $57 to $908. The median penalty was $229. The Federal Credit Union Act requires the NCUA to send any funds received through civil monetary penalties to the U.S. Treasury.

The assessment of penalties primarily rests on three factors: the credit union’s asset size, its 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, 29 had assets of less than $10 million; nine had assets between $10 million and $50 million and one had assets between $50 million and $100 million. No credit unions with assets of more than $250 million filed late call reports. Ten of the late-filing credit unions had been late in a previous quarter.

A total of 50 credit unions filed call reports late for the second quarter of 2017. The NCUA consulted regional offices and, when appropriate, state supervisory authorities to review each case. That review determined there were mitigating circumstances in two cases that led to credit unions not being penalized. Another nine credit unions received a requested waiver.

The NCUA informed the remaining credit unions of the penalties they faced and advised them they could reduce their penalties by signing a consent agreement.

The NCUA sends reminder messages about call report filing deadlines that include information on how to receive technical support to handle filing problems. The agency also has created an automated reminder email system that contacts credit unions that have not filed their call reports and confirms successful filing. The agency has produced a video describing how to file call reports.


Peabody Municipal FCU Sole CU In MA To Miss Q2 Call Report Deadline

by Bram Berkowitz time to read: 1 min