Six credit unions pay up for late call reports
Six federally insured credit unions have paid fines for filing their second quarter call reports late in 2019.
The six credit unions fined are Far Rockaway Postal, Caddo Parish Teachers, Phi Beta Sigma, Firefighters, Galveston Government Employees and Southwest Counties School Employees.
Penalties are determined based on a credit union's asset size, its previous call report filing history and the length of the filing delay. Individual penalties ranged from $150 to $757, with $330 being the median fine.
The collective fines incurred by the six institutions totaled $2,259.
Four of the six CUs held $10 million in assets or less whereas two CUs were between $10 and $15 million in assets. All six institutions previously filed a late call report.
All late fines NCUA collects are directed to the U.S. Treasury.