Sperry Associates FCU must submit a net worth restoration plan, charge off $3.1 million in loans and get an outside analysis of its structured securities as part of a letter of understanding and agreement signed between the NCUA and the credit union's leaders.
The LUA, which was released on June 11, cited the credit union for declining capital, participation losses, potential unrecognized investment losses, inadequate due diligence and inadequate testing of high-risk areas.
Sperry Associates FCU, a $360 million Garden, City, N.Y.-based financial institution must restore its return on average assets of 0% by the end of 2010, 0.15% by the end of 2011 and 0.25% by the end of 2012.
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