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Regulator Slaps Eastern Financial With Cease, Desist Order

Citing a number of violations, the Florida Office of Financial Regulation has issued a cease and desist order against the $1.6 billion Eastern Financial Florida Credit Union for engaging in several "unsafe and unsound" practices.

By Michelle A. Samaad | Updated on April 01, 2009

Citing a number of violations, the Florida Office of Financial Regulation has issued a cease and desist order against the $1.6 billion Eastern Financial Florida Credit Union for engaging in several “unsafe and unsound” practices.

The March 30 South Florida Business Journal reported that the credit union has 15 practices that it must stop engaging in. Among them, not possessing adequate loan underwriting standards or a loan review program that evaluates risks and carrying an excessive level of concentrations in member business loans.

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