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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

Valley Pride Federal Credit Union (Terminated on 6/30/14)

6/30/14

2013

​Credit Union or Other Entity​Effective Date
Valley Pride Federal Credit Union​​6/11/13


2012​

​Credit Union or Other EntityEffective Date​
Lynn Municipal Emplo​​​​​yees C​​red​i​​t U​​​​nion (Terminated on 7/23/13)​10/12/12​


2010

​Credit Union or Other EntityEffective Date​

Sperry Associates Federal Credi​​​t Union

6/11/10​

Tremont  Credit ​​​​​​​​​Union (Terminated on 1/27/12)

4/30/10​

Kappa Alp​​ha Psi Federal Credit Union

​4/16/10


There are no letters for 200​​​​6 - 2009


2005

​Credit Union or Other EntityEffective Date

Vitelco Employees Fed​eral Credit Union

​9/28/05


There are no letters for 20​​​04


2003​

Credit Union or Other Entity ​Effective Date

Charleston Co​unty Teachers FCU

​6/12/03


There are no letters for 2000 - 20​​02

1999

Credit Union or Other EntityEffective Date​

Federation Credit Uni​​on (Terminated on 8/31/03)

​7/27/99

​The Feather Flex Fed​​​​​eral Credit Union (Terminated on 11/9/99)

​7/27/99

Calco Federal Credit ​​Union​ (Terminated on 1/1/05)

​​7/27/99
9/9/2015 8:07 AM