The NCUA has issued a cease-and-desist order against the People for People Community Development Credit Union of Philadelphia, which has had serious financial difficulties recently.
The order requires the $1.1 million credit union to do the following: Complete a financial statement audit; charge off uncollectible loans; properly fund the Allowance for Loan and Lease Losses; collect on delinquent loans guaranteed by a third party; reconcile general ledger accounts monthly; and establish and maintain a Bank Secrecy Act compliance program.
At the end of the third quarter of this year, the credit union's delinquent loan ratio was 16.6%, following 27.8% in the second quarter and 10.7% in the first quarter.
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