NCUA Fines CUs For Late HMDAReporting

September 27, 2005, 1:00 a.m. EDT 1 Min Read

ALEXANDRIA, Va. - (09/27/05) - NCUA said Monday it fined 16 creditunions a total of $178,750 for filing late Home Mortgage DisclosureAct reports, the first time ever the agency has issued such fines.Credit unions are required to collect HMDA data throughout the yearand to file a report annually with the Federal Reserve by March 1of the following year. The credit unions assessed the fines are:White River CU, NEBO CU, California Lithuanian CU, Norton CommunityCU, Valley Oak CU, Moapa FCU, Arizona FCU, Hawaii State FCU,Hawaiian Tel FCU, Marine CU, Golden Key FCU, Hillcrest CU, SchoolEmployees Lorain City CU, Members Advantage CU, Rouge Employees CUand Jefferson County Employees CU. The largest fine of $15,000 wasassessed Norton Community CU, while the average fine was$8,500.

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