The $85,845 New Bethel Federal Credit Union in Portsmouth, Va.,consented to a cease and desist order issued by the NCUA.
|New Bethel, chartered in 1978, serves members of the New BethelBaptist Church in Portsmouth. The credit union showed a net loss of$5,788 in September 2014, according to its latest financialperformance report. The credit union reported 100% delinquent loansto total loans in September 2014, up from 8.69% in September2013.
|Under the NCUA's order, New Bethel officials must meet severalrequirements including charging off all non-performing loans, notgranting any new loans, providing theNCUA with complete financial statements and up-to-date membershare and loan transactions.
|Cynthia Ferguson was listed as the institution's manager on theNCUA's website. A person of the same name was also found on thechurch's website, in the position of administrative assistant. NewBethel currently serves 176 members, according to the creditunion's latest call report.
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