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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.
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