NCUA sent the Kappa Alpha Psi Federal Credit Union three non-published Letters of Understanding and Agreement since April 2008 before it finally issued its Aug. 3 liquidation order, according to the agency's records.
NCUA included the documents with its filing in a federal court case in which the credit union is challenging the liquidation order. In addition, the agency published one LUA with the CU and sent three letters from its regional director and one preliminary warning letter, all about ongoing problems that KAPFCU never appeared to overcome.
The agency's filing also attacked the credit union's assertion that its net worth ratio had reached 3.68% in June, including an affidavit C.W. Phariss, one of its Supervisory Examiners.
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