ALEXANDRIA, Va. (5/23/12)—Montgomery County Teachers FCU of Derwood, Md., was the subject of an Order to Cease and Desist issued by the National Credit Union Administration on Tuesday.
The order requires the credit union to take the following actions:
- Comply with regulatory and supervisory requirements pursuant to Prompt Corrective Action;
- Ensure the financial statement audit is completed and all accounts are reconciled by May 31, 2012; and
- Address operational deficiencies and strengthen internal controls.
The credit union's officials have agreed to the terms of the order. The credit union serves nearly 59,000 members and was chartered in 1950.
Use the resource link to read the cease and desist documents.