Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Montgomery Co. Teachers FCU ordered to desist in three areas
ALEXANDRIA, Va. (5/23/12)—Montgomery County Teachers FCU of Derwood, Md., was the subject of an Order to Cease and Desist issued by the National Credit Union Administration on Tuesday.

The order requires the credit union to take the following actions:

  • Comply with regulatory and supervisory requirements pursuant to Prompt Corrective Action;
  • Ensure the financial statement audit is completed and all accounts are reconciled by May 31, 2012; and
  • Address operational deficiencies and strengthen internal controls.
The credit union's officials have agreed to the terms of the order. The credit union serves nearly 59,000 members and was chartered in 1950.

Use the resource link to read the cease and desist documents.
Other Resources

RSS





print
News Now LiveWire
#NewsNow: @CUNA-CFA survey results suggest 3-3.5% increase in holiday spending. http://t.co/GjcDvvwfzy
9 hours ago
.@WOCCU promoted financial inclusion as a sustainable development goal at two separate @UN events this month.
11 hours ago
Colo. authorities OK first-ever #marijuana-focused CU #NewsNow http://t.co/77qj6O3bcu
11 hours ago
.@Vancity busts some Black Friday retail myths http://t.co/q8Wht3CcRc
11 hours ago
Things get hairy at #creditunions during #Movember http://t.co/Hc6tYRMSY8
13 hours ago