Monday, December 12, 2016

Tiny Philadelphia CU Under Cease and Desist Order

The National Credit Union Administration has issued a cease and desist order to S M Federal Credit Union of Philadelphia, Pennsylvania.

S M Federal Credit Union officials have consented to the order, which requires the following actions:
  • Provide credit union records to the compensated auditor;
  • Complete a member account verification and supervisory committee audit;
  • Reconcile and maintain accurate financial statements and member share and loan records;
  • Calculate and track loan delinquency;
  • Actively and effectively collect past due loans;
  • Cease granting new loans;
  • Ensure the supervisory committee is fully staffed and fulfilling all obligations; and
  • Provide the agency with monthly financial statements; and board and committee minutes.
Chartered in 1959, S M Federal Credit Union has assets of $56,005 and serves 115 members, according to the credit union’s most recent Call Report.

Read the press release.
Read the final order.
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3 comments:

  1. AnonymousDecember 13, 2016 at 7:40 AM

    $56000 in assets.
    And the agency is going thru all this work?
    What, is it a new field examiner ?
    OMG.

    ReplyDelete
  2. tony costanzoDecember 14, 2016 at 12:49 AM

    Average balance is $487 per member. After 57 years open they have $56,000 in assets. What is the trend line here? Maybe the NCUA SMALL Credit Union Group and throw $100,000 in time, effort, labor, travel, etc. before throwing it into conservatorship. Ramp 'em up with home banking, Credit Cards, ATM cards, Remote Deposit Capture. NCUA should be on this like flies on poop.

    ReplyDelete
  3. AnonymousDecember 14, 2016 at 6:54 AM

    What are they doing with melrose?
    Water boarding?

    ReplyDelete

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