Tuesday, April 28, 2015

Secure First CU Placed Under Cease & Desist Order

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.

Posted by at
Labels: , , ,

1 comment:

  1. AnonymousApril 29, 2015 at 11:23 PM

    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.

    ReplyDelete

Subscribe to: Post Comments (Atom)
 

The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.