Member Deposits Remain Insured Up to $250,000
ALEXANDRIA, Va. (Nov. 17, 2011) – The National Credit Union Administration (NCUA) issued an Order to Cease and Desist to People for People Community Development Credit Union of Philadelphia. 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 officials have agreed to the terms of the order.
People for People Community Development Credit Union was chartered in 1999 and currently serves 1,500 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 nearly 100
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.