Member Deposits Insured up to $250,000
ALEXANDRIA, Va. (June 6, 2011) – The National Credit Union Administration issued an Order to Cease and Desist to Borinquen Federal Credit Union of Philadelphia. The order requires the credit union to take the following actions:
- Obtain a CPA opinion audit and verification of member accounts;
- Reconcile cash and bank accounts; and,
- Establish and maintain a Bank Secrecy Act compliance program.
The credit union officials have agreed to the terms of the order.
Borinquen Federal Credit Union was chartered in 1974 and currently serves some 8,600 members. Member deposits are insured up to $250,000 by the National Credit Union Share Insurance Fund, a federal insurance fund backed by the full faith and credit of the U.S. Government.
A copy of the final Order is posted on the NCUA website here. NCUA enforcement orders can be inspected Monday through Friday at NCUA’s Office of General Counsel from 9 a.m. to 4 p.m. Copies may also be ordered by mail from NCUA at 1775 Duke Street, Alexandria, VA 22314-3428.
NCUA is the independent federal agency created by
the U.S. Congress to regulate, charter and supervise
federal credit unions. With the backing of the full
faith and credit of the United States, NCUA operates
and manages the National Credit Union Share
Insurance Fund, insuring the deposits of more than 101
million account holders in all federal credit
unions and the overwhelming majority of
state-chartered credit unions. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.