ALEXANDRIA, Va. (6/8/11)—Borinquen FCU of Philadelphia has agreed to a National Credit Union Administration (NCUA)-issued cease and desist order. The NCUA notice, which was released to the public by the agency on Tuesday, orders the 8,600 member, Philadelphia, Penn.-based credit union to:
* Obtain an opinion audit and member account verifications from a certified public accountant; * Reconcile its cash and bank accounts; and * Establish a Bank Secrecy Act compliance program by June 30.
The NCUA noted that the credit union has had “serious and persistent record keeping problems” and had failed to perform yearly audits. For an NCUA release on the order, use the resource link.