NCUA fines six small credit unions for late call reports
The National Credit Union Administration on Thursday said six federally insured credit unions have agreed to pay civil monetary penalties after filing their fourth-quarter 2018 call reports after deadline.
The penalties ranged from $156 to $2,665, for a total of $5,073. Per the Federal Credit Union Act, all such civil penalties are to be sent to the U.S. Treasury.
According to NCUA, the amount of each credit union’s penalty for late filing depends on three factors: the CU’s asset size, its call report filing history and the length of the delay in filing.
In the case of the six late filers for Q4 2018, three had assets of less than $10 million, while the other three had assets between $10 million and $50 million. NCUA said four of the six had been late in at least one prior quarter.
The six credit unions are:
- CENCAP FCU, $46 million-asset institution, Hartford, Conn., fined $791
- PATH FCU, $11 million, Jersey City, N.J., $633
- Denocos FCU, $6 million, Crescent City, Calif., $359
- Port Conneaut, $28 million, Conneaut, Ohio, $2,665
- Valley Board FCU, $130,000, Harpers Ferry, W.Va., $156
- Good Counsel FCU, $409,000, Brooklyn, N.Y., $469