Tuesday, March 14, 2017

Outstanding Enforcement Actions Fell in 2016

The National Credit Union Administration (NCUA) in its 2016 Annual Report wrote that the number of enforcement actions has steadily declined over the last several years.

Enforcement actions include preliminary warning letters, letters of understanding and agreement (LUA), cease-and-desist orders, and conservatorships.

The number of total outstanding enforcement actions for federally insured credit unions decreased, from 359 at the end of 2015 to 303 at the end of 2016.

Both federal credit unions and federally-insured state-chartered credit unions reported a drop in outstanding enforcement actions.

NCUA attributed the decline in the number of outstanding enforcement actions to an improved economy and the implementation of corrective actions at credit unions to mitigate identified risks.

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