Tuesday, October 25, 2016

30 CUs Consent to Fines for Late Filing Call Report in Q1 2016

The number of credit unions consenting to civil money penalties for late filing their Call Reports in the first quarter of 2016 doubled from a year ago.

In the first quarter of 2015, 15 credit unions consented to penalties. Thirty federally insured credit unions consented to civil monetary penalties for filing late Call Reports in the first quarter of 2016.

The 30 credit unions consented to total penalties of $20,036.

Individual penalties ranged from $151 to $6,734. The median penalty was $274.

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 30 credit unions agreeing to pay penalties for the first quarter of 2016:
  • Twenty had assets of less than $10 million;
  • Nine had assets between $10 million and $50 million; and
  • One had assets greater than $250 million.
Five of the late-filing credit unions had been late in a previous quarter.

Read the press release.

List of CUs consenting to civil money penalties.

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