Six credit unions will pay just more than $5,000 in civil money penalties (CMPs) for filing late call reports for the end of 2018, according to agreements the credit unions reached with their federal regulator. Details of the agreements were released Friday.
The National Credit Union Administration (NCUA) said the penalties for the six credit unions ranged in size from $156 to $2,665. The amount of the penalties, NCUA said, rests on the credit union’s size, the history of its timeliness in filing call reports, and the length of the filing delay.
Three of the six credit unions had assets of less than $10 million, and three had assets between $10 million and $50 million, NCUA stated. Four of the six credit unions had been late in at least one prior quarter, the agency reported.
The credit unions agreeing to the fines are: Port Conneaut of Conneaut, Ohio (paying $2,665 in fines); CENCAP of Hartford, Conn. ($791); PATH of Jersey City, N.J. ($633); Good Counsel of Brooklyn, N.Y. ($469); Denocos of Crescent City, Calif. ($359); and Valley Board of Harpers Ferry, W.W. ($156).
All CMPs paid to the agency are turned over the U.S. Treasury, per statute, NCUA stated.