Thirty-one credit unions agree to late filing fines nationally, but none in the Northwest.
The NCUA reported Monday that 75 credit unions were late in filing their call reports. NWCUA members who filed late with good reason are encouraged to contact the Association.
Three Northwest credit unions are among 62 that agreed to pay penalties for filing late Call Reports, the NCUA reports.
NCUA Fines Five Northwest Credit Unions for Late Call Reports; NWCUA Urges Regulator to Improve its Filing System
The NCUA made good on its threat to fine credit unions for filing late Q1 call reports. Five Northwest credit unions are among those being hit with financial penalties.
As banks settle multimillion-dollar lawsuits for illegal overdraft policies, credit unions are now being brought into the fray and may soon face the same type of attention and penalties as their for-profit cousins.
The unauthorized disclosure of a SAR is a violation of federal law, and both civil and criminal penalties may be imposed for SAR disclosure violations, including fines of up to $250,000 and up to five years in prison.