Fourteen federally insured credit unions will cough up fines for filing late Call Reports for Q2 2015, the NCUA announced Wednesday.
The late filers will pay a total of $3,491 in penalties. Individual penalties range from $100 to $576, and the median penalty is $185, the agency said. The Federal Credit Union Act requires the NCUA to send any funds received through civil monetary penalties such as these to the U.S. Treasury.
"(The) NCUA still needs full compliance with timely Call Report filing," NCUA Board Chairman Debbie Matz said. "The goal is in sight. I encourage credit unions having difficulties meeting the quarterly deadline to take advantage of the assistance NCUA offers."
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.