The National Credit Union Administration (NCUA) announced today that 75 federally insured credit unions were late filing their Call Reports for the second quarter and now face potential civil money penalties.
Four credit unions that filed late in the second quarter also missed the first quarter deadline.
According to NCUA, sixty-three of the late filers had less than $50 million in assets, while 4 had total assets in excess of $250,000.
In addition, almost 30 percent of the late filers were more than 3 dates late in filing their call reports with 5 credit unions more than 10 days late.
NCUA will use three factors to determine the penalty: size of the credit union, lateness in filing the Call Report and history of violations.
Read the press release.
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