ALEXANDRIA, Va. (1/21/16)--Internet Archive FCU, of New Brunswick, N.J., Wednesday paid all shares insured by the National Credit Union Administration (NCUA) to its members of record as part of a voluntary liquidation.
The NCUA initiated cease-and-desist order proceedings on Nov. 24, 2015, to prevent the credit union from committing "unsafe and unsound practices and violations of law, rule, and regulation."
That action was followed by a recommendation to members by the credit union’s board of directors to voluntarily liquidate. That was approved by membership Dec. 8, 2015.
The NCUA approved the credit union's voluntary liquidation plan on Jan. 6, and cease-and-desist proceedings were abated in anticipation of the credit union’s share distribution to members.
The NCUA said its temporary cease-and-desist order identified the credit union’s failure to correct ongoing deficiencies since it was chartered, including:
The temporary cease-and-desist order required the credit union take certain actions, including:
Chartered in 2012, Internet Archive FCU had assets of $2.25 million and served 391 members, according to the credit union’s most recent call report.