Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Montgomery Co. Teachers FCU ordered to desist in three areas
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.
Other Resources

RSS print
News Now LiveWire
.@CUNA VP of Econ MIke Schenk featured in Money magazine http://t.co/SC6Shv0lDH
9 hours ago
#NewsNow: @CFPB develops tools for student loan debt relief. http://t.co/a6pOReC86F
9 hours ago
Stephanie Smith has been named as the new executive director of America's #CreditUnion Museum. (2 of 2)
10 hours ago
America's #CreditUnion Museum executive director Peggy Powell is stepping down after 15 years. (1 of 2)
10 hours ago
#NewsNow League presidents raise voices for data breach protection http://t.co/zX1UsvsQP6
12 hours ago