NCUA Issues Cease and Desist Order and Charters New Credit Union
NCUA has issued a cease and desist order to the Board of New Bethel FCU in Portsmouth, VA, that addresses poor accounting practices and internal controls, as well as violations of the Bank Secrecy Act. In a separate action, NCUA has issued a charter for Lutheran FCU, which will serve the employees, active members, and volunteers of the Lutheran Church–Missouri Synod. This represents the third new federal credit union chartered in 2014. [12/24/14]
