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.

Effective Date Terminated Date Link(s)
6/30/2014 6/30/2014 Valley Pride Federal Credit Union
6/11/2013 N/A Valley Pride Federal Credit Union
10/12/2012 7/23/2013 Lynn Municipal Employees Credit Union
6/11/2010 N/A Sperry Associates Federal Credit Union
4/30/2010 1/27/2012 Tremont Credit Union
4/16/2010 N/A Kappa Alpha Psi Federal Credit Union
9/28/2005 N/A Vitelco Employees Federal Credit Union
6/12/2003 N/A Charleston County Teachers FCU
7/27/1999 8/31/2003 Federation Credit Union
7/27/1999 11/9/1999 The Feather Flex Federal Credit Union
7/27/1999 1/1/2005 Calco Federal Credit Union

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Last modified on
04/29/20