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Tiny Philadelphia CU Under Cease and Desist Order "Credit News 24"

The National Credit Union Administration has issued a cease and desist order to S M Federal Credit Union of Philadelphia, Pennsylvania.

S M Federal Credit Union officials have consented to the order, which requires the following actions:

• Provide credit union records to the compensated auditor;
• Complete a member account verification and supervisory committee audit;
• Reconcile and maintain accurate financial statements and member share and loan records;
• Calculate and track loan delinquency;
• Actively and effectively collect past due loans;
• Cease granting new loans;
• Ensure the supervisory committee is fully staffed and fulfilling all obligations; and
• Provide the agency with monthly financial statements; and board and committee minutes.

Chartered in 1959, S M Federal Credit Union has assets of $56,005 and serves 115 members, according to the credit union’s most recent Call Report.

Read the press release.
Read the final order.
Title : Tiny Philadelphia CU Under Cease and Desist Order "Credit News 24"
link : Tiny Philadelphia CU Under Cease and Desist Order "Credit News 24"