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Letters of Understanding and Agreement

​Published Letters of Understanding And Agreement

 

Letters of Understanding and Agreement (LUAs) are supervisory tools used by NCUA. An LUA is essentially a contract between NCUA and a credit union and/or its officials, in which the credit union or officials agree to take, or not take, certain specified actions. Normally, LUAs are negotiated when credit unions have not adequately responded to less severe measures, such as Documents of Resolution. NCUA also requires LUAs for newly chartered credit unions and to grant permanent special assistance.

The Federal Credit Union Act requires that the NCUA Board publish and make available to the public “any written agreement or other written statement for which a violation may be enforced by the Board unless the Board, in its discretion, determines that publication would be contrary to public interest.” Violations of the terms of a published LUA constitute grounds for administrative actions. The NCUA Board may therefore take administrative actions against credit unions or officials that fail to comply with the terms of published LUAs.

 

2014

​Credit Union or Other Entity ​Effective Date
Sperry Associates Federal Credit Union (Terminated on 12/16/2014) ​12/16/2014

Valley Pride Federal Credit Union (Terminated on 6/30/2014)

​06/30/2014

 

2013

​Credit Union or Other Entity ​Effective Date
Valley Pride Federal Credit Union (Terminated on 6/30/2014) ​06/11/2013


2012​

​Credit Union or Other Entity                Effective Date​
Lynn Municipal Employees Credit Union (Terminated on 7/23/2013) 10/12/2012​


 

2010

​Credit Union or Other Entity                Effective Date​
Sperry Associates Federal Credit Union (Terminated on 12/16/2014) 06/11/2010​
Tremont  Credit Union (Terminated on 01/27/2012) 04/30/2010​
Kappa Alpha Psi Federal Credit Union ​04/16/2010

 

* There are no letters for 2006 - 2009

2005 

​Credit Union or Other Entity Effective Date
Vitelco Employees Federal Credit Union                 ​09/28/2005

 

* There are no letters for 2004

 2003 

Credit Union or Other Entity                ​Effective Date
Charleston County Teachers FCU ​06/12/2003

 

 * There are no letters for 2000 - 2002
 

 1999 

Credit Union or Other Entity                Effective Date​
Federation Credit Union (Terminated on 8/31/2003) ​07/27/1999
The Feather Flex Federal Credit Union (Terminated on 11/9/1999) ​07/27/1999
Calco Federal Credit Union​ (Terminated on 1/1/2005) ​07/27/1999