16 CUs Fined For Late Filing of HMDA Data
NCUA said last week it fined 16 credit unions a total of $178,750 for filing late Home Mortgage Disclosure Act reports, the first time ever the agency has issued such fines.
Credit unions are required to collect HMDA data throughout the year and to file a report annually with the Federal Reserve by March 1 of the following year.
The credit unions assessed the fines are: White River CU, NEBO CU, California Lithuanian CU, Norton Community CU, Valley Oak CU, Moapa FCU, Arizona FCU, Hawaii State FCU, Hawaiian Tel FCU, Marine CU, Golden Key FCU, Hillcrest CU, School Employees Lorain City CU, Members Advantage CU, Rouge Employees CU and Jefferson County Employees CU. The largest fine of $15,000 was assessed Norton Community CU, while the average fine was $8,500.