The $85,845 New Bethel Federal Credit Union in Portsmouth, Va., consented to a cease and desist order issued by the NCUA.
New Bethel, chartered in 1978, serves members of the New Bethel Baptist Church in Portsmouth. The credit union showed a net loss of $5,788 in September 2014, according to its latest financial performance report. The credit union reported 100% delinquent loans to total loans in September 2014, up from 8.69% in September 2013.
Under the NCUA's order, New Bethel officials must meet several requirements including charging off all non-performing loans, not granting any new loans, providing the NCUA with complete financial statements and up-to-date member share and loan transactions.
Cynthia Ferguson was listed as the institution's manager on the NCUA's website. A person of the same name was also found on the church's website, in the position of administrative assistant. New Bethel currently serves 176 members, according to the credit union's latest call report.
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