Less than a month after issuing a cease and desist order, the NCUA conserved Borinquen Federal Credit Union of Philadelphia on Friday.
The agency didn't state its specific reason for conserving the $7 million CU but said the agency “will work to resolve issues affecting the institution's safety and soundness.”
When the agency issued the cease and desist order on June 7, it ordered the credit union to improve some of its accounting and compliance practices.
According to its Call Report, at the end of the first quarter, the 8,600-member credit union's net worth ratio was 15%. Its delinquent loan ratio was 7.5% and its return on average assets was -0.25%.
Borinquen FCU is the seventh conserved by the agency so far this year.
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