The National Credit Union Administration is reporting that 28 federally insured credit unions subject to civil money penalties for filing fourth-quarter 2014 Call Reports late have consented to those penalties.
The late filers will pay a total of $13,650 in penalties. Individual penalties range from $150 to $6,752. The median penalty was $187.50.
Of the 28 credit unions agreeing to pay penalties for the fourth quarter, twenty-four had assets of less than $10 million; three had assets between $10 million and $50 million; and one credit union had assets of more than $250 million.
Read the press release.
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Credit Union acquisitions of Banks is going to become more common as we enter a phase of consolidation. It might be worth your or someone else's time to discuss the ease of a CU acquisition of a Bank as compared to the difficulty of a Mutual SB acquisition of a credit union. I would welcome more consolidation between mutual savings banks and CUs (Mutuals acquired by credit unions and credit unions acquired by mutual savings banks) as both of more similar to each other in mission and service to members (customers) and community than large stock held banks. Consolidation and scale are essential for both Credit Unions and Mutual SBs to survive and thrive into the future.
ReplyDeleteIt might be worth discussing why it's easier for a cu to buy a msb-
ReplyDeleteIt's another area of transparency opportunity for mcwatters., who to this point is just TALK.
Transparency?
Low hanging fruit on multiple issues at NCYA.