ALEXANDRIA, Va. (6/17/13)--Valley Pride FCU, Plains, Pa., has agreed to "take steps to correct unsafe and unsound practices" under the terms of a letter of understanding and agreement (LUA) with the National Credit Union Administration (NCUA).
In the letter, the credit union agrees to:
The NCUA said it is working with the credit union to correct these issues. Violations of the LUA could result in civil financial penalties, cease and desist orders, removal and prohibition orders, or orders to liquidate, conserve or merge the credit union, the NCUA said.
The credit union will remain open and will serve its members while corrective actions are taken.
For the full NCUA release, use the resource link.