Civil money penalties (CMPs) ranging from a low of $150 to a high of $920, with a grand total of $4,133, are to be paid by 10 credit unions that filed late call reports for the first quarter of 2010, their federal regulator said Friday.
The credit unions agreed to pay the CMPs under consent orders entered into with the agency, according to a release issued by the National Credit Union Administration (NCUA).
Penalties are determined based on the credit unions’ size, their call report filing histories, and the length of the filing delays, NCUA said. The 10 credit unions paying CMPs for late 1Q reports, and reported asset sizes as of March 2018, are shown in the table below.
Credit union |
Total Assets (March ’18) | 1Q18 late report fine |
| Far Rockaway Postal Federal Credit Union (Far Rockaway, N.Y.) | $383,686 | $304 |
| Good Counsel Federal Credit Union (Brooklyn, N.Y.) | $438,117 | $361 |
| Halifax County Community Federal Credit Union (South Boston, Va.) | $6.1 million | $150 |
| Kaskaskia Valley Credit Union* (Centralia, Ill.) | $21.8 million | $456 |
| Lancaster Red Rose Credit Union (Lancaster, Pa.) | $61.7 million | $920 |
| Last Federal Credit Union (Long Island City, N.Y.) | $63,420 | $470 |
| Medford Municipal Employees Federal Credit Union (Medford, Mass.) | $7.3 million | $373 |
| Oak Point Employees Credit Union (Belle Chasse, La.) | $9.6 million | $493 |
| Saint John A M E Federal Credit Union (Niagara Falls, N.Y.) | $187,680 | $150 |
| Yonkers Postal Employees Credit Union (Yonkers, N.Y.) | $7.8 million | $456 |
| *also fined by state supervisor Source: NCUA |
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The 10 credit unions paying the fines were not alone in filing late 1Q call reports; NCUA says two others also filed late, but they requested and received waivers from the agency. NCUA told the other 10 they could reduce their penalties by signing consent agreements; otherwise, the agency would initiate administrative hearings against them, it said. All 10 had been late in at least one prior quarter.
NCUA says 12 credit unions agreed to penalties in the first quarter of 2017. The agency forwards all CMP monies to the U.S. Treasury by requirement of the Federal Credit Union Act.
Ten Credit Unions Agree to Late-Filing Penalties for First Quarter of 2018