Agency terminates Letter of Understanding and Agreement with $2.2 million Lynn Municipal Employees CU.
The NCUA announced June 14 it had inked a letter of understanding and agreement with the $7.4 million Valley Pride Federal Credit Union of Plains, Pa. The LUA requires the 1,588-member credit union to take steps to correct unsafe and unsound practices, including:
Valley Pride Federal Credit Union shows loan struggles in NCUA reports.
Letter of Understanding and Agreement cites $2.2 million Lynn Municipal Employees Credit Union's underwriting standards, bookkeeping and internal controls.