Monday, November 14, 2016

NCUA: No CUs Fined for Mortgage-Related Violations Between January 2012 and April 2016

Last week the Government Accountability Office (GAO) released a report reviewing the collection and use of funds from financial institutions for mortgage-related violations.

According to the GAO, "National Credit Union Administration (NCUA) ... had not assessed any penalties against financial institutions for mortgage-related violations from January 2012 through April 2016."

While NCUA did not assess any monetary penalties against credit unions for mortgage-related violations, this should not be interpreted to mean that credit unions had not had mortgage-related violations. Instead, NCUA may have addressed mortgage-related violations via the supervisory process.

Read the report.

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