Member Deposits at Bagumbayan Credit Union Remain Insured up to $250,000
ALEXANDRIA, Va. (Oct. 1, 2013) – The National Credit Union Administration has issued a cease and desist order to Bagumbayan Credit Union of Chicago.
Member deposits at Bagumbayan remain insured up to $250,000 by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund has the backing of the full faith and credit of the U.S. Government.
Bagumbayan officials have consented to the order, which requires several actions, including:
- Cease and desist allowing unapproved officials to attend board meetings, serve on committees, or perform any and all managerial functions, operational functions, or both.
- Refrain from implementing any aspects of a proposed business plan involving the establishment of new lines of business, including money remittance services.
- Resolve all recordkeeping issues and Bank Secrecy Act violations detailed in exam reports.
- Ensure secure storage and transmission of all member data consistent with NCUA’s Rules and Regulations for safeguarding member information.
- Comply with all lawful directives of the state regulator, including all elements of the suspension order issued by that agency.
Chartered in 1964, Bagumbayan Credit Union currently serves 43 members and has total assets of $75,253, according to the credit union’s most recent Call Report.
A copy of the ceased and desist order is posted on NCUA’s website here.
The public can inspect NCUA enforcement orders Monday through Friday at NCUA’s Office of General Counsel from 9 a.m. to 4 p.m. Eastern. 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.