BUFFALO, N.Y. — Two Niagara Falls-area credit unions have been cited by regulators for operating "in an unauthorized and unsafe and unsound manner" for lack of controls in their lending, compliance, and accounting operations according to a story in The Buffalo News.
The New York State Banking Department issued cease-and-desist orders on Niagara Frontier Federal Employees Credit Union ($2.5 million, 559 members) and Niagara Falls Penn Central Employees Credit Union ($5.34million, 1,141 members). After examinations conducted in September the regulators found immediate action necessary due to the failure of the CUs to operate "in a safe, prudent and lawful
manner." They found that "prompt enforcement action is necessary" to correct "numerous supervisory concerns."
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