Newsroom

September 08, 2017

12 CUs to pay $2K over late 1Q call reports

Penalties totaling $2,853 will be paid by 12 credit unions for filing late call reports in the first quarter of 2017, the NCUA said Friday.

Individual credit unions' penalties range from $74 to $382; the median penalty was $229. The penalty funds will go to the Treasury Department, as required by the Federal Credit Union Act.

The late-filing penalties for the fourth quarter of 2016 totaled $10,365. Eleven of the credit unions fined had assets of less than $10 million, one had assets between $10 million and $50 million. No credit unions with assets of more than $50 million filed late Call Reports. Six of the late-filing credit unions had been late in a previous quarter.

In total, 27 credit unions filed late during the first quarter; NCUA found mitigating circumstances in six cases that led to credit unions not being penalized. Another nine credit unions received a requested waiver.