Search
 

Eastern Financial Scrambles to Comply With Cease, Desist Deadlines

Up against a series of fast-approaching deadlines, Eastern Financial Florida Credit Union is working to comply with a cease and desist order of unsound and unsafe practices, said the Florida Office of Financial Regulation.

By Michelle A. Samaad | Updated on April 02, 2009

Up against a series of fast-approaching deadlines, Eastern Financial Florida Credit Union is working to comply with a cease and desist order of unsound and unsafe practices, said the Florida Office of Financial Regulation.

After reviewing findings from an Oct. 6, 2008 report of examination, the OFR concluded that the $1.6 billion CU was engaging in 15 unsound and unsafe practices including violations of laws related to its operation. A March 19 OFR cease and desist order said the CU must stop engaging in a number of practices including operating without “effective leadership” and operating with inadequate polices procedures and internal routines and controls regarding capital liquidity earnings and lending.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.