The National Credit Union Administration on Friday announced a total of $4,133 in fines for ten federally insured credit unions that filed late call reports for the first quarter of 2018.
The penalty for each institution was determined based on asset size, previous call reort filing history and the length of the filing delay.
Individual penalties ranged from $150 to $920, with the median penalty notched at $415. Under the Federal Credit Union Act, all civil monetary penalties will be paid to the U.S. Treasury.
Eight of the 10 credit unions agreeing to pay first quarter penalties held assets valued below $10 million. One credit union held assets between $10 million to $50 million while another held assets between $50 million and $250 million. All 10 institutions are repeat offenders, having been late at least once in prior quarters.
In total, 12 credit unions filed late call reports within the first quarter, but two of those institutions requested and received waivers. The NCUA informed the remaining credit unions of the penalties, advising the institutions that by signing a consent agreement, the fees could be reduced. The regulatory body also said that it would initiate administrative hearings against those who failed to sign the agreement.
Earlier this year,
