Alexandria, Va. – Twenty-two credit unions have agreed to pay civil monetary penalties for filing their third-quarter call reports late, the National Credit Union Administration said Wednesday.
The late filers will pay a combined $18,682 -- with individual penalties ranging from $152 to $10,000. Consent agreements can lower fines and spare credit unions from administrative hearings, according to the NCUA.
The penalties varied by the filers' sizes, their filing histories and how many days late the reports were. The majority of the 22 credit unions are small; only one is greater than $250 million of assets, and ten are below $10 million of assets. Three of them had been tardy in a previous quarter, too.
Forty credit unions missed filing deadlines in the third quarter, but nine were excused because of "mitigating circumstances" after NCUA officials consulted with regional and state authorities and another nine were later granted waivers, the agency said.
Federal law requires the NCUA to send any funds received through civil monetary penalties to the U.S. Treasury.
The 22 penalties fell from the third quarter of 2014, when 31 credit unions consented to fines.
"While the year-over-year number has dropped, it's disappointing to see the number of late filers up from the previous quarter," NCUA Chairman Debbie Matz said in a news release. "I urge credit unions that are encountering difficulties meeting the call report filing deadline to take advantage of the assistance NCUA offers. The agency needs all credit unions to file in a timely manner."
The names of the 22 credit unions that agreed to penalties are:
- 1st Choice CU, Atlanta, Ga. ($22 million in assets; $459 penalty)
- Arch Community CU, St. Louis, Mo. ($11 million in assets; $325 fine)
- Associated FCU, Elkhart, Ind. ($4.8 million in assets; $451 fine)
- Bailey Inc. Employees CU, West Valley City, Utah ($812,000 in assets; $336 fine)
- Baptist FCU, San Antonio, Texas ($32.4 million in assets; $211 fine)
- Cornerstone Baptist FCU, Brooklyn, N.Y. ($124,000 in assets; $312 fine)
- Democracy FCU, Alexandria, Va. ($154 million in assets; $1,000 fine)
- Fairport FCU, Fairport, N.Y. ($36 million in assets; $336 fine)
- Hilco FCU, Kerrville, Texas ($8.8 million in assets; $338 fine)
- Holy Rosary CU, Rochester, N.H. ($224 million in assets; $1,228 fine)
- Lakeshore Community CU, Avon Lake, Ohio ($26.6 million in assets; $285 fine)
- Latah FCU, Moscow, Idaho ($84.8-million in assets; $1,019 fine)
- Martin Luther King CU, Houston, Texas ($300,000 in assets; $204 fine)
- Mississippi Public Employees CU, Jackson, Miss. ($22.3 million in assets; $489 fine)
- Morton Salt CU, Rittman, Ohio ($4.2 million in assets; $213 fine)
- PVHMC FCU, Pomona, Calif. ($10.4 million in assets; $252 fine)
- St. John United FCU, Buffalo, N.Y. ($1.1 million in assets; $222 fine)
- Stephens-Adamson Employees CU, Clarksdale, Miss. ($134,000 in assets; $152 fine)
- Tippecanoe FCU, Lafayette, Ind. ($12.7 million in assets; $334 fine)
- Trinity Baptist Church FCU, Florence, S.C. ($2.4 million in assets; $162 fine)
- Westerra CU, Denver Colo. ($1.33 billion in assets; $10,000 fine)
- Zachary Community FCU, Zachary, La. ($209,000 in assets; $154 fine)
