WASHINGTON — NCUA came down on 22 federally insured credit unions that were late submitting their 2005 Home Mortgage Disclosure Act data to the tune of nearly $175,000 in assessed civil money penalties.
CUs are required to send the prior year's HMDA loan/application registers to the Fed by March 1. NCUA sent out a regulatory alert back in January to inform CUs of the steps taken to ensure proper transmittal of the data and follow-up with the Fed for this year's data, due today.
Failure to file by the deadline may occur if the report was not transmitted at all or if there were errors or delays in transmittal, NCUA said. NCUA emphasized that credit unions are responsible for following up with the Fed to ensure their data is received and loaded into the Fed's database.
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The top five credit unions assessed civil money penalties for 2005 are Rockland Employees Federal Credit Union, Spring Valley, N.Y., $12,250; Fulton Teachers' Credit Union, Hapeville, Ga., $11,750; Hudson Heritage Federal Credit Union, Newburgh, N.Y., $9,000; Katahdin Federal Credit Union, Millinocket, Maine, $9,000; and B.O.N.D. Community Federal Credit Union, Atlanta, $8,750.
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