Tuesday, August 2, 2011

Cowlitz Credit Union Under an Enforcement Order

Cowlitz Credit Union of Longview, Washington is under a consent order with the Washington Department of Financial Institutions. The order became effective on June 6, 2011.

The order seems to target issues related to governance at the credit union.

The order specifies that the credit union board will recruit and appoint qualified members to its Supervisory Committee and will bring the total membership of the Supervisory Committee to at least 3 members.

The board is expected to develop and retain qualified management with 60 days of the signing of the consent order.

The consent order also states that the board needs to increase its participation in the credit union's affairs. This includes meeting at least monthly to assess corrective actions taken to comply with various documents (which have been blacked out).

Read the consent order.
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