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NCUA Terminates Letter of Understanding with Lynn Municipal Credit Union

ALEXANDRIA, Va. (July 31, 2013) – The National Credit Union Administration announced today that it has terminated its Letter of Understanding and Agreement, dated Oct. 12, 2012, with Lynn Municipal Employees Credit Union and the Massachusetts Division of Banks.

NCUA enforcement orders are online at http://www.ncua.gov/Legal/Pages/LUA.aspx and available for inspection at NCUA’s Office of General Counsel between 9 a.m. and 4 p.m. Eastern, Monday through Friday. Copies are also available by writing to The National Credit Union Administration, 1775 Duke St., 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 98 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.

--NCUA--

National Credit Union Administration

Office of Public & Congressional Affairs

703.518.6330
pacamail@ncua.gov

Contacts:

John Fairbanks
Office: 703.518.6336
jfairbanks@ncua.gov

Ben C. Hardaway
Office: 703.518.6333
Mobile: 703.298.5223 bhardaway@ncua.gov

Kenzie Snowden
Office: 703.518.6334
ksnowden@ncua.gov

"Protecting credit unions and the consumers who own them through effective regulation"