Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
NCUA Ends LUA With Lynn Municipal Employees CU
ALEXANDRIA, Va. (8/1/13)--A Letter of Understanding and Agreement (LUA) has been lifted from Lynn Municipal Employees CU. The Lynn, Mass. credit union is no longer bound by its October 2012 agreement with the National Credit Union Administration and the Massachusetts Division of Banks.
 
When the LUA was imposed, Lynn Municipal Employees CU had agreed to "take steps to correct unsafe and unsound practices," including the following issues:
  • Failure to comply with the requirements of previous enforcement actions;
  • Operating without adequate supervision and direction by the credit union's board of directors over senior management;
  • Failure to maintain accurate books and records;
  • Failure to establish appropriate internal controls; and
  • Engaging in unsafe and unsound underwriting standards and practices.
The NCUA confirmed to News Now all issues were successfully addressed by the credit union.

The credit union had remained open and serving its members while corrective actions were undertaken.




RSS print
News Now LiveWire
Large CU stress testing on the agenda for the April @theNCUA open meeting http://t.co/2TUcnmCmPi
13 hours ago
#FinancialLiteracyMonth Test your college financial aid knowledge @nasfaa http://t.co/xgrDmHaw8W
21 hours ago
Join @theNCUA #NCUAchat with @KenWortheyJr on April 23 from 11am to 12pm EST http://t.co/TnNmfFh4Nl #FinancialLiteracyMonth
23 hours ago
Maine's patent troll bill has become law. Read more in Monday in @NewsNowLiveWire
1 Day ago
Wash. DFI discusses serving legal marijuana businesses with @NWCUA http://t.co/3kw79HJUYF
1 Day ago