The National Credit Union Administration (NCUA) and the Commonwealth of Massachusetts Division of Banks have jointly issued a Letter of Understanding and Agreement (LUA) to the officials of Tremont Credit Union, Braintree, Massachusetts, in order to restore the credit union to safe and sound operation.
The LUA cites the $179 million credit union for various adverse conditions, including:
1. Insider abuse and self-dealing;
2. Poor loan quality;
3. Inadequate internal controls;
4. Deficient earnings; and
5. Weak management.
Very original. All you are doing is reprinting what is already on the NCUA web site. Thanks for performing an important public service.
ReplyDeleteSheesh.
It might be an interesting to post a list of management problems related to any or all of the 7 FDIC insured institutions that were closed Friday generating an estimated $7.36 billion in losses. That makes the $179 million
ReplyDeletein total assets represented by Tremont Credit Union pale by comparison. Facts and context make all the difference.
MB