Citing a number of violations, the Florida Office of Financial Regulation has issued a cease and desist order against the $1.6 billion Eastern Financial Florida Credit Union for engaging in several "unsafe and unsound" practices.
The March 30 South Florida Business Journal reported that the credit union has 15 practices that it must stop engaging in. Among them, not possessing adequate loan underwriting standards or a loan review program that evaluates risks and carrying an excessive level of concentrations in member business loans.
Other problem areas include not having adequate leadership, not having enough adequate core deposits, and operating without adequate policies to properly fund reserves for future losses of problem loans, the article read.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
