NCUA CMPs Adjustment

The NCUA published an Interim Final Rule adjusting the maximum amount of each civil money penalty within its jurisdiction.  The Rule is effective upon publication (1/23/17), with a comment period ending on February 22, 2017.

Citation Description/tier Current maximum ($) Adjusted maximum ($) 
12 U.S.C. 1782(a)(3) Inadvertent failure to submit a report or the inadvertent submission of a false or misleading report

3,787

3,849

12 U.S.C. 1782(a)(3) Non-inadvertent failure to submit a report or the non-inadvertent submission of a false or misleading report

37,872

38,492

12 U.S.C. 1782(a)(3) Failure to submit a report or the submission of a false or misleading report done knowingly or with reckless disregard Lesser of 1,893,610 or 1% of total CU assets Lesser of 1,924,589 or 1% of total CU assets.
12 U.S.C. 1782(d)(2)(A) Tier 1 CMP for inadvertent failure to submit certified statement of insured shares and charges due to NCUSIF, or inadvertent submission of false or misleading statement

3,462

3,519

12 U.S.C. 1782(d)(2)(B) Tier 2 CMP for non-inadvertent failure to submit certified statement or submission of false or misleading statement

34,620

35,186

12 U.S.C. 1782(d)(2)(C) Tier 3 CMP for failure to submit a certified statement or the submission of a false or misleading statement done knowingly or with reckless disregard Lesser of 1,730,990 or 1% of total CU assets Lesser of 1,759,309 or 1% of total CU assets.
12 U.S.C. 1785(a)(3) Non-compliance with insurance logo requirements

118

120

12 U.S.C. 1785(e)(3) Non-compliance with NCUA security requirements

275

279

12 U.S.C. 1786(k)(2)(A) Tier 1 CMP for violations of law, regulation, and other orders or agreements

9,468

9,623

12 U.S.C. 1786(k)(2)(B) Tier 2 CMP for violations of law, regulation, and other orders or agreements and for recklessly engaging in unsafe or unsound practices or breaches of fiduciary duty

47,340

48,114

12 U.S.C. 1786(k)(2)(C) Tier 3 CMP for knowingly committing the violations under Tier 1 or 2 (natural person)

1,893,610

1,924,589

12 U.S.C. 1786(k)(2)(C) Tier 3 (same) (CU) Lesser of 1,893,610 or 1% of total CU assets Lesser of 1,924,589 or 1% of total CU assets.
12 U.S.C. 1786(w)(5)(A)(ii) Non-compliance with senior examiner post-employment restrictions

311,470

316,566

15 U.S.C. 1639e(k) Non-compliance with appraisal independence standards (first violation)

10,875

11,053

15 U.S.C. 1639e(k) Subsequent violations of the same

21,749

22,105

42 U.S.C. 4012a(f)(5) Non-compliance with flood insurance requirements

2,056

2,090

 

 

 

Passwords to access the blog posts, and blog posts are only for NWCG owners and retained clients. These should not be shared outside of the credit union. Blog posts generally contain only a summary of any requirements, and do not represent all potential impact on the credit unions. For further details on any blog post, contact NWCG or references cited in the blog post. The information contained on this site is provided for informational purposes only, and should not be construed as legal advice.

Leave a Reply

Your email address will not be published.