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.