The National Credit Union administration is reporting that 6 federally insured credit unions have agreed to pay civil monetary penalties for filing late Call Reports in the fourth quarter of 2018.
The total amount of penalties paid was $5,073.
Penalties for credit unions filing late Call Reports ranged from $156 to $2,665.
The size of the civil monetary penalties is based on three factors: the credit union’s asset size, its Call Report filing history, and the length of the filing delay. The Federal Credit Union Act requires any funds received through civil monetary penalties be sent to the U.S. Treasury.
Three of the six credit unions had assets of less than $10 million, and three had assets between $10 million and $50 million. Four of the six credit unions had been late in at least one prior quarter.
No comments:
Post a Comment