Regulatory & Compliance

The Florida Credit Union League said it is supporting Eastern Financial Florida Credit Union in its efforts to come back into compliance after the $1.6 billion financial institution was found in violation of several unsound practices.

Not releasing any specific details on where things currently stand, Eastern Financial Florida Credit Union would only say it is working quickly to rectify its problems.

Saying that there are too many firms taking advantage of financially vulnerable individuals

The 15-item list of practices determined by the Florida Office of Financial Regulation to be unsafe for the Eastern Financial Florida Credit Union's continued existence runs the gamut.

Up against a series of fast-approaching deadlines, Eastern Financial Florida Credit Union is working to comply with a cease and desist order of unsound and unsafe practices, said the Florida Office of Financial Regulation.

Citing a number of violations, the Florida Office of Financial Regulation has issued a cease and desist order against the $1.6 billion Eastern Financial Florida Credit Union for engaging in several "unsafe and unsound" practices.