Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Philly CDCU subject of cease and desist order
ALEXANDRIA, Va. (11/18/11)--People for People Community Development CU of Philadelphia was the subject of an Order to Cease and Desist issued by the National Credit Union this week.

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

  • Complete a financial statement audit;
  • Charge off uncollectible loans;
  • Properly fund the Allowance for Loan and Lease Losses;
  • Collect on delinquent loans guaranteed by a third party;
  • Reconcile general ledger accounts monthly; and
  • Establish and maintain a Bank Secrecy Act compliance program.
 

The credit union's officials have agreed to the terms of the order, which is effective as of Nov. 1. People for People has 1,500 members and was chartered in 1999.

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

NCUA enforcement orders also can be inspected Monday through Friday at NCUA's Office of General Counsel from 9 a.m. to 4 p.m. (ET).  Copies may also be ordered by mail from NCUA at 1775 Duke Street, Alexandria, VA 22314-3428.
Other Resources

RSS





print
News Now LiveWire
20 breakout sessions available at @CUNA's April lending school #creditunions http://t.co/eTK0fVO0RK
5 hours ago
.@CoreLogicInc: Jan. home prices jump nearly 6% annually #Market #NewsNow http://t.co/DoDtHhjvaw
6 hours ago
CU Effect: @StLouisComm collaborates to save homes with FHLB grant #NewsNow http://t.co/fxX8EhouUj
12 hours ago
#NewsNow March 31 deadline for Biz Kid$ fin. ed grant application http://t.co/5AD5ZYPLEU
13 hours ago
.@CUNA sends letters on @RepAndyBarr QM bill, @RepMickMulvaney @NCUA budget transparency bill #NewsNow http://t.co/cRAk46ALeD
14 hours ago