Thursday, October 22, 2015

14 CUs to Pay Fines for Late Filing Q2 Call Reports

The National Credit Union Administration (NCUA) announced that 14 federally insured credit unions have agreed to civil monetary penalties for filing late their second quarter Call Reports. However, 28 federally insured credit unions did not file their call reports in a timely fashion.

The late filers will pay a total of $3,491 in penalties. Individual penalties range from $100 to $576. The median penalty was $185.

Of the 14 credit unions agreeing to pay penalties for the second quarter:
  • Eleven had assets of less than $10 million;
  • Two had assets between $10 million and $50 million; and
  • One had assets between $50 million and $250 million.
One of the late-filing credit unions had been late in a previous quarter.

NCUA stated that mitigating circumstances in six cases led to credit unions not being penalized and eight credit unions were granted a waiver that did not consent to the penalty.

Read the press release.
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