NCUA Continues Crackdown On HMDAScofflaws

Register now

ALEXANDRIA, Va. - (10/20/05) -- NCUA continued its unprecedentedeffort to compel credit union compliance with consumer reportingrequirements and said Wednesday it fined Paradise FCU $19,000 forfailing to file Home Mortgage Disclosure Act reports within theproper time frame. The fine against the National City, Calif.,credit union was the 17th assessed by NCUA for late HMDA filingover the past two weeks, and the largest. Credit unions arerequired to collect HMDA data throughout the year and file the datawith the Federal Reserve by March 1 of the following calendaryear.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER