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News Now

Washington
Philly CDCU subject of cease and desist order
ALEXANDRIA, Va. (11/18/11)--People for People Community Development CU of Philadelphia was the subject of an Order to Cease and Desist issued by the National Credit Union this week.

The order requires the credit union to take the following actions:

  • Complete a financial statement audit;
  • Charge off uncollectible loans;
  • Properly fund the Allowance for Loan and Lease Losses;
  • Collect on delinquent loans guaranteed by a third party;
  • Reconcile general ledger accounts monthly; and
  • Establish and maintain a Bank Secrecy Act compliance program.
 

The credit union's officials have agreed to the terms of the order, which is effective as of Nov. 1. People for People has 1,500 members and was chartered in 1999.

Use the resource link to read the cease and desist documents.

NCUA enforcement orders also can be inspected Monday through Friday at NCUA's Office of General Counsel from 9 a.m. to 4 p.m. (ET).  Copies may also be ordered by mail from NCUA at 1775 Duke Street, Alexandria, VA 22314-3428.
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