The Alabama Credit Union Administration on March 17 placed Secure First Credit Union under a cease and desist order for unsafe and unsound practices and violation of the law, rule, and regulation.
The order notes that the Birmingham-based credit union failed to satisfy requirements set forth in an August 5, 2013 Letter of Understanding and Agreement and had not addressed numerous outstanding Document of Resolution in Examination Reports.
The $44.6 million credit union was cited for unsafe and unsound lending practices, including insider loans that did not adhere to lending guidelines; deficiencies in its allowance for loan and lease losses account; and inadequate compliance program, including non-compliance in BSA/AML area.
Read the order.
NCUA moving at the speed of light. Only took 'em some 20 months to close it down. Heck, they gave WesCorp, USCentral, Members United several years. To big to fail gets more time...to fail.
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