The NCUA has issued an order to cease and desist to the $393 million Montgomery County Teachers FCU of Derwood, Md.
The order requires the credit union to comply with regulatory and supervisory requirements pursuant to Prompt Corrective Action; ensure the financial statement audit is completed and all accounts are reconciled by May 31, 2012; and address operational deficiencies and strengthen internal controls.
The NCUA said officials of the 59,000-member credit union have agreed to the terms of the order.
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