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August 24, 2014
62 CUs to pay NCUA $57K in late-5300 fines
Aug. 6, 2014 – NCUA says 62 of the 104 credit unions that were late filing their first-quarter call reports will pay an aggregate $57,750 in late fees, all of which will be sent to the U.S. Treasury.
The 62 credit unions signed consent agreements to pay the fines. The fines range from a low of $150 to a high of $20,000; the average amount fined was $243. The money is being sent to Treasury under requirement of the Federal Credit Union Act.
A total of 104 credit unions filed late first-quarter call reports, and NCUA determined early on that 20 of them would not be fined due to mitigating circumstances. It notified the other 84 of the possibility of fines in June, and it took 22 off that list due to information those credit unions provided about why they filed late.
"Our intention is that credit unions fully comply with the deadline for filing Call Reports," NCUA Board Chairman Debbie Matz said in an announcement Tuesday. "We've seen an improvement from the days when more than 1,000 credit unions filed late, but we haven't yet reached the goal of timely filing by all credit unions every quarter."
NCUA said that of the 62 credit unions paying penalties over late first-quarter reports, 38 have assets of less than $10 million, 18 have assets between $10 million and $50 million, and six have assets between $50 million and $250 million. NCUA published the list of fined credit unions online.
The 62 credit unions signed consent agreements to pay the fines. The fines range from a low of $150 to a high of $20,000; the average amount fined was $243. The money is being sent to Treasury under requirement of the Federal Credit Union Act.
A total of 104 credit unions filed late first-quarter call reports, and NCUA determined early on that 20 of them would not be fined due to mitigating circumstances. It notified the other 84 of the possibility of fines in June, and it took 22 off that list due to information those credit unions provided about why they filed late.
"Our intention is that credit unions fully comply with the deadline for filing Call Reports," NCUA Board Chairman Debbie Matz said in an announcement Tuesday. "We've seen an improvement from the days when more than 1,000 credit unions filed late, but we haven't yet reached the goal of timely filing by all credit unions every quarter."
NCUA said that of the 62 credit unions paying penalties over late first-quarter reports, 38 have assets of less than $10 million, 18 have assets between $10 million and $50 million, and six have assets between $50 million and $250 million. NCUA published the list of fined credit unions online.
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