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The NCUA 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 last week, 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.

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Tonya Knudesn


Credit Union Times

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