Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
NCUA orders corrective actions
ALEXANDRIA, Va. (6/14/10)-- Sperry Associates FCU, of Garden City Park, N.Y. has been ordered by the National Credit Union Administration (NCUA) to take a series of corrective actions. Those actions include efforts to correct:
* Declining capital; * Participation lending losses; * Potential unrecognized investment losses; * Inadequate due diligence; and * Inadequate testing of high risk areas.
The NCUA, as it released the letter Friday, said the agency and credit union are working closely “ to make a sustained, conscientious effort to correct noted adverse conditions.” The credit union did not return a call ionviting comment. Also on Friday, the NCUA released highlight of a speech by board member GIgi Hyland, to the National Association of Credit Union Supervisory and Audit Committees in Baltimore, on the vigilance needed in the supervisory committee role. The Supervisory/Audit Committee’s role is not “just about counting cash and making sure the books are in order,” but rather includes ensuring management and board members are “fulfilling their responsibilities as good stewards of the members’ money.” She added, “Your auditor should report to you and not management or the board of directors. (This) concept is universal regardless of the size or composition of the organization. "When we as a regulator and insurer see serious breakdowns in these basic principles of independence, we often encounter serious and emerging problems in the organization. Erosion of the principles is often symptomatic of a larger lack of diligence and integrity of the overall control environment.”


RSS print
News Now LiveWire
Bank ATM fees continue to climb. Credit unions? Not so much. #NewsNow http://t.co/7nfcqusVuM
18 minutes ago
NCUA 2day liquidated Republic Hose Employees FCU,Youngstown,Ohio, after determining the CU was insolvent w/no prospect for viable operations
30 minutes ago
MO #creditunions @BankOnMo with SUV contest See #NewsNow http://t.co/dMnnADr3CO
42 minutes ago
Breaking at #NewsNow: Matz to request revised RBC proposal, new comment period http://t.co/eLtYmzXRWn
18 hours ago
#NewsNow: Oct. 22 webinar will explore role of CDFI #creditunions. http://t.co/op1GV4mrYM
21 hours ago