Nine credit unions have agreed to pay a total $3,109 in penalties for filing late fourth-quarter 2017 call reports, the federal credit union regulator said Wednesday.
In a release, the National Credit Union Administration (NCUA) said the civil money penalties (CMPs) ranged from $302 to $471; the median penalty was $315. The funds received are sent to the U.S. Treasury, the agency noted.
The credit unions fined were relatively small, the agency indicated – with seven holding less than $10 million in assets and the remaining two with assets between $10 million and $50 million.
All nine financial cooperatives had been late in a previous quarter, the agency said.
All told, for fourth quarter 2017, 17 credit unions filed call reports late, the agency said. Six of the eight that were not assessed CMPs were determined to have “mitigating circumstances” following review with the agency’s regional offices (and state supervisors, in some cases). The remaining two credit unions requested and received waivers.
NCUA indicated the number of late filers dropped from year to year in the final quarter of 2017; it stated that 25 credit unions agreed to penalties in the fourth quarter of 2016.
Nine Credit Unions Agree to Late-Filing Penalties for Fourth Quarter of 2017