In Eastern Financial Florida Credit Union's March 19 cease and desist order, the Florida Office of Financial Regulation has asked the board to submit a review of business loan workouts conducted by CU Business Capital LLC.
According to the order, the review should address "management depth and succession issues should CUBC staff no longer be able to support member business loan workout efforts or the review determines the CUBC workout efforts are insufficient to achieve the Board's desired goals." Eastern Financial has until May 3 to complete the review, the OFR said.
Murray Halperin, senior vice president of institutional sales at CUBC, said "as it relates to any of CUBC clients, we must refrain from many any comments."
An Eastern Financial spokesman said he could not comment on any specific areas of the order and their respective deadlines. Linda Charity, director of Florida OFR's division of financial institutions, said she could not share any information on CUBC's business loan workouts or any of Eastern Financial's progress.
"That information is confidential. All that I can say is management is working to comply," Charity told Credit Union Times.
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