No Late Filing Fines for Northwest Credit Unions
January 23, 2015
January 23, 2015
The National Credit Union Administration announced Thursday that while 31 credit unions would pay fines for filing third-quarter Call Reports late, no Northwest credit unions would be subject to fines.
“The fact that not a single Northwest credit union was assessed a fine for late filing, confirms the exemplary leadership on display in this region,” said John Trull, director of regulatory advocacy for the Northwest Credit Union Association, “leadership that demonstrates great stewardship over member resources and allows our credit unions to give more back to their members.”
Individual penalties range from $138 to $1,878, with a median penalty of $176. In total, late filers will pay $12,820 in penalties. The Federal Credit Union Act requires the NCUA to send the funds from these fines to the U.S. Treasury.
“The number of late filers continues to drop, and that’s encouraging,” NCUA Board Chairman Debbie Matz said. “Hopefully, we’ll soon have full compliance, which is really necessary for efficient data gathering and effective regulation. NCUA’s Office of Small Credit Union Initiatives is still available to help smaller institutions, and we will keep working to get to the point where all credit unions file Call Reports on time.”
Of the 31 credit unions paying penalties in the third quarter:
- Nineteen had assets of less than $10 million;
- Seven had assets between $10 million and $50 million; and
- Five had assets between $50 million and $250 million.
No credit unions with assets greater than $250 million filed late in the third quarter. A list of credit unions filing late in the third quarter and agreeing to pay civil money penalties is available here.
Questions about this story? Contact James Pearson: 206.340.4790, firstname.lastname@example.org.
Posted in NCUA.