Valley Pride Under Enforcement Order

The National Credit Union Administration has entered into a Letter of Understanding and Agreement (LUA) with the Valley Pride Federal Credit Union of Plains, Pa.

The LUA identified significant safety and soundness issues at Valley Pride and stated that the credit union was in troubled condition.

The LUA cited that the credit union had not:

• complied with requirements from previous Reports on Examination and enforcement actions;
• operated with adequate supervision by the Board;
• maintained accurate books and records; and
• developed adequate internal controls.

The specific steps required of Valley Pride include:

• Engage a qualified individual to reconcile bank and corporate accounts;
• Engage a Certified Public Accountant to perform an opinion audit;
• Obtain training for the board of directors; and
• Implement internal control procedures through the Supervisory Committee

Read the enforcement order.