The NCUA terminated its published Letter of Understanding and Agreement, dated June 11, 2013, with the $7 million Valley Pride Federal Credit Union of Plains, Pa.
The $7 million Pennsylvania credit union corrects problems with record keeping, internal controls and governance.
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.
At the start of 2012, Day Air Credit Union said it set a goal to fund and grow the community by $100 million in loans.