Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Two small CUs placed into conservatorships
ALEXANDRIA, Va. (6/28/11)--Just two-and-a-half weeks after issuing a cease-and-desist order to the $7 million-asset credit union, the National Credit Union Administration (NCUA) assumed control of Borinquen FCU of Philadelphia on Friday. Under NCUA control, the credit union will continue to provide services to 8,600 Borinquen members, while working to resolve issues the agency said have affected the safety and soundness of the institution. In its cease-and-desist order, the NCUA noted that the credit union has had "serious and persistent record keeping problems" and had failed to perform yearly audits. The NCUA ordered the 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.
Borinquen FCU is the seventh federally insured credit union placed into conservatorship during 2011. Also on Friday, the NCUA announced it had placed O.U.R. FCU of Eugene, Ore., with $4.3 million in asset, into conservatorship to allow it to continue full operations for its 2,184 members while operating under NCUA control and addressing “previous service and operational weaknesses.” Borinquen and O.U.R. are the seventh and eighth credit unions, respectively, to be placed into conservatorships this year. Use the resource link to see information posted on the credit unions’ websites to help members understand the impact of the conservatorship.
Other Resources

RSS print
News Now LiveWire
Economic activity slowed in June, according to the #Chicago Fed's national activity index, released today #Market http://t.co/1pN6peM8my
11 hours ago
Money burns a hole in workers' pockets after payday, despite best intentions via @WSJeconomy http://t.co/A9SNiUdf9v
11 hours ago
"SAR Stats," new from #FinCEN, focuses on #bitcoin. See #NewsNow http://t.co/vS7iTwY2SW
12 hours ago
.@CFPB now accepts consumer complaints on prepaid cards, debt settlement services, credit repair services, and pawn and title loans.
13 hours ago
.@WellsFargo to process transactions in order received, not high to low http://t.co/g0jWJoegoJ
14 hours ago