The NCUA said Wednesday it has terminated its Letter of Understanding and Agreement with the $2.2 million Lynn Municipal Employees Credit Union of Lynn, Mass., and its state regulator, the Massachusetts Division of Banks.
In October 2012, the LUA was issued and stated the credit union was in "troubled condition" and listed specific practices that it was required to correct.
The termination of the LUA letter means NCUA has determined LMECU "has met all of the requirements in the original order," said an NCUA spokesperson.
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