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Credit Union Enforcement Gets Tougher, Publication Reveals
April 23, 2010Taking a cue from the banking industry, credit union regulators are about to issue stern instructions to examiners to remind them to take action fast when they spot financial trouble at a credit union, The Safety & Soundness Report reveals. The National Credit Union Administration is drafting a Supervisory Letter on Administrative Remedies and Enforcement Actions, which will be completed by late next month, the credit union newsletter reports in an exclusive story in its April 26th issue. NCUA officials told the publication that the letter was a response to "the level of problem credit unions." The letter will instruct examiners to follow-up "on agreed upon actions and other enforcement action." Credit unions can expect stronger, faster responses from regulators, the newsletter reveals. Full release.