The National Credit Union Administration on Monday said nine federally insured CUs were fined a total of $4,069 for submitting their Q3 2018 call reports after deadline.
The federal credit union regulator said the dollar amount of the civil monetary penalties for filing late call reports is dependent on three factors: the CU’s asset size, its call report filing history and the length of the delay in filing.
In the Q3 2018 reporting cycle, the largest fine for late filing was levied against Lancaster Red Rose Credit Union, a $57 million-asset institution based in Lancaster, Pa. The credit union was fined $1,368.
The other eight credit unions that agreed to pay fines for missing the Q3 2018 filing deadline were:
· $10 million Back Mountain Federal Credit Union, Shavertown, Pa. ($408)
· $8 million Fayette FCU, Mount Hope, W.Va. ($385)
· $3 million Garland County Educators FCU, Hot Springs, Ark. ($340)
· $273,000 Martin Luther King CU, Houston ($205)
· $222, 000 Resurrection Lutheran FCU, Chicago ($453)
· $215,000 Tabernacle FCU, Augusta, Ga. ($302)
· $324,000 West Side Baptist Church FCU ($303)
· $470,000 White Gold CU ($305)
NCUA said none of the nine CUs was fined by its state supervisor.
The Federal Credit Union Act requires NCUA to send any funds received through civil monetary penalties to the U.S. Treasury.
