Six federal credit unions fined for filing year-end 2018 call reports late

Civil money penalties (CMPs) totaling $5,073 – the largest of them being for $2,665 – were assessed against six federal credit unions in orders executed late last month over late filings of year-end 2018 call reports to the National Credit Union Administration (NCUA).

NCUA has pointed out that CMP assessments for late call reports are set based on the credit union’s asset size, its history of filing call reports on time, and the length of the filing delay.

Credit unions’ year-end 2018 call reports were due to NCUA Jan. 27. The six credit unions fined for filling late, and the penalty for each, are as follows:

  • Port Conneaut Federal Credit Union, Conneaut, Ohio – $2,665
  • CENCAP Federal Credit Union, Hartford, Conn. – $791
  • PATH Federal Credit Union, Jersey City, N.J. – $633
  • Good Counsel Federal Credit Union, Brooklyn, N.Y. – $469
  • Denocos Federal Credit Union, Crescent City, Calif. – $359
  • Valley Board Federal Credit Union, Harpers Ferry, W.Va. – $156

The assessment orders (each involving a stipulation and consent) were published on NCUA’s website.

NCUA Administrative Orders