10 credit unions consent to penalties for late filing of 1Q call reports

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

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

NCUA Administrative Orders