Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Bagumbayan CU Subject Of NCUA Cease And Desist Order
ALEXANDRIA, Va. (10/2/13)--The National Credit Union Administration has issued a cease and desist order to Bagumbayan CU, Chicago, requiring several changes to operations.

The agency said Bagumbayan officials have consented to the order, which requires the credit union to:
  • Cease and desist allowing unapproved officials to attend board meetings, serve on committees, or perform any and all managerial functions, operational functions, or both;
  • Refrain from implementing any aspects of a proposed business plan involving the establishment of new lines of business, including money remittance services;
  • Resolve all recordkeeping issues and Bank Secrecy Act violations detailed in exam reports;
  • Ensure secure storage and transmission of all member data consistent with NCUA's rules and regulations for safeguarding member information; and
  • Comply with all lawful directives of the state regulator, including all elements of the suspension order issued by that agency.
Bagumbayan CU was chartered in 1964, has assets of $75,253 and currently serves 43 members, according to the credit union's most recent Call Report.
Other Resources

NCUA Release
RSS





print
News Now LiveWire
.@LACULeague in @DailyComet: #creditunions' "old" benefits attractive to new generation http://t.co/AzOv3nB7IB
21 hours ago
At @FTC request, court halts operations of an alleged debt-relief scammer calling itself “FTC Credit Solutions.” http://t.co/qMsDBmKExH
1 day ago
.@daytondailynews : The secret is out about #creditunions http://t.co/Aqu3pFTROV @DayAirCU @CODECreditUnion
1 day ago
.@CUNA's @Nussle on @SenatorReid :(2of2)On behalf of more than 102M #CU members,I thank him 4 his leadership over the yrs/wish him the best.
1 day ago
.@CUNA CEO Nussle on Sen. Reid’s decision not 2 seek re-election (1of2): Sen. Reid has a long history of #CU support throughout his career.
1 day ago