The NCUA announced Wednesday that it terminated its published Letter of Understanding and Agreement, dated June 11, 2013, with the $7 million Valley Pride Federal Credit Union of Plains, Pa.

According to the LUA posted on the NCUA's website, the credit union failed to properly maintain its books and records, lacked internal controls and volunteers failed to fulfill their fiduciary duties. Specifically, Valley Pride was ordered to reconcile accounts at Mid-Atlantic Corporate FCU and Citizen's Bank. Additionally, the order required the credit union to provide the NCUA with a monthly balance sheet and income statement and delinquency report, board meeting minutes.

The LUA was signed by Region 2 Director Jane Walters, Supervisory Examiner Marcus Wander Wall and Principal Examiner Jo-Ann Joyce for the NCUA. Valley Pride board members Thomas Brannigan, Richard Tomko, Kenneth Burke, Karen Burke and Paul Makuch sinced the LUA for the credit union.