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
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
Watching #SuperBowlXLIX this Sunday? Look for regional #creditunion #commercials @CltMetroCU @BECU @golden1cu #Seahawks #Patriots
20 hours ago
Philadelphia's American Bakery Workers FCU liquidated by @TheNCUA; @trumarkonline assumes shares
21 hours ago
More branch shutterings by @Citi: 4th-largest bank to close 10% of #Chicago area branches HT @CrainsChicago http://t.co/2vAvgucLY5
22 hours ago
56% struggle with subprime credit scores says @cfed survey HT @washingtonpost http://t.co/RHmMvuhNtw
22 hours ago
How to use social media for crisis communications Feb. 10 webinar from @SBAgov, @AgilityRecovery http://t.co/d16t8RHr7n
23 hours ago