Less than a month after issuing a cease and desist order, theNCUA conserved Borinquen Federal Credit Union of Philadelphia onFriday.
|The agency didn't state its specific reason for conserving the$7 million CU but said the agency “will work to resolve issuesaffecting the institution's safety and soundness.”
|When the agency issued the cease and desist order on June 7, it ordered the credit unionto improve some of its accounting and compliance practices.
|According to its Call Report, at the end of the first quarter,the 8,600-member credit union's net worth ratio was 15%. Itsdelinquent loan ratio was 7.5% and its return on average assets was-0.25%.
|Borinquen FCU is the seventh conserved by the agency so far thisyear.
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