ALEXANDRIA, Va. – Nine federally insured credit unions subject to civil monetary penalties for filing late Call Reports in the fourth quarter of 2017 have agreed to penalties totaling $3,109, according to NCUA.
The agency said the assessment of penalties primarily rests on three factors: the credit union’s asset size, its recent Call Report filing history, and the length of the filing delay.
Assessed penalties were:
- Baker Hughes CU, Houston, $471
- Chula Vista City ECU, California, $328
- James Ward FCU, Jennings, La.; $321
- Newrizons, Hoquiam, Wash; $453
- Resurrection Lutheran, Chicago, $302
- SCF Westchester N.Y. CU, White Plains, N.Y.; $315
- St. Gabriels CU, Washington, D.C.; $305
- Ward CU, Philadelphia, $302
- White Plains P.O. Employees, New York, $312
The Federal Credit Union Act requires the NCUA to send any funds received through civil monetary penalties to the U.S. Treasury.
Repeat Offenders
Seven of the nine credit unions agreeing to pay penalties for the fourth quarter had assets of less than $10 million, NCUA said, while two credit unions had assets between $10 million and $50 million. All nine had been late in a previous quarter, according to the agency.
A total of 17 credit unions filed Call Reports late for the fourth quarter of 2017. NCUA said it consulted regional offices and, when appropriate, state supervisory authorities to review each case.
“That review determined there were mitigating circumstances in six cases that led to credit unions not being penalized,” according to NCUA. “The NCUA informed the remaining credit unions of the penalties they faced and advised them they could reduce their penalties by signing a consent agreement. NCUA also said it would initiate administrative hearings against credit unions that did not consent. Two credit unions requested and received waivers.”