Seven weeks after slapping it with a cease-and-desist order, the NCUA has placed Philadelphia's People for People Community Development Credit Union into conservatorship.
The NCUA said Jan. 6 it has now conserved People for People CDCU and that "while continuing normal member services, [the agency] will work to resolve issues affecting the institution's safety and soundness."
The 1,561-member, $1.1 million credit union had been ordered in November to complete a financial statement audit; charge off uncollectible loans; properly fund the Allowance for Loan and Lease Losses; collect on delinquent loans guaranteed by a third party; reconcile general ledger accounts monthly; and establish and maintain a Bank Secrecy Act compliance program.
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