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New NCUA LOU targets loan quality controls
ALEXANDRIA, Va. (5/3/10)--The National Credit Union Administration (NCUA) last week disclosed another letter of understanding that the agency entered into with both Massachusetts state bank regulators and a credit union. The board of the credit union accepted the regulators’ suggestions to improve its loan quality and internal controls. The credit union should also strengthen its management and end insider abuse and self dealing to “restore” itself “to safe and sound operation,” the letter added. The NCUA added that if these recommendations are not followed, the NCUA could impose “civil money penalties, cease and desist orders, removal and prohibition orders, or orders to liquidate, conserve or merge the credit union” under the Federal Credit Union Act. The NCUA late last year promised to increase public disclosure of its interactions with troubled credit unions, and a pair of similar letters were also released earlier this month. For the full NCUA release, use the resource link.
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