NCUA headquarters.
Ten federally insured credit unions paid penalties totaling $4,133 because they filed late call reports in the first quarter of 2018, the NCUA said today.
Assessing penalties mostly relies on three factors—the asset size of the credit union, its call report filing history and the length of the filing delay, the agency said.
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The penalties assessed ranged from $150 to $920, with the median penalty being $415.
Eight of the ten credit unions that filed late reports had assets of less than $10 million; one had assets between $10 million and $50 million and one credit union had assets between $50 million and $250 million. All of the ten had filed late reports in the past.
In total, 12 credit unions filed late reports; two credit unions received waivers. The NCUA informed the other credit unions of their penalties and told them that they could reduce their penalties by signing a consent agreement.
During the first quarter of 2017, 12 credit unions agreed to pay penalties because they filed a late report.
Under federal law, all penalty money collected is sent to the U.S. Treasury.
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