ALEXANDRIA, Va. --NCUA has issued a cease and desist order to New Bethel Federal Credit Union of Portsmouth, Virginia. According to the agency, New Bethel officials have consented to the order, which requires the credit union to:
- Produce source documents demonstrating a certificate of deposit with a local bank is properly titled in the credit union’s name.
- Provide the agency with complete and accurate financial statements and up-to-date member share and loan transactions.
- Obtain a member account verification and independent audit through 2014.
- Charge off all non-performing loans.
- Cease granting any new loans.
- Comply with the Bank Secrecy Act and the USA Patriot Act.
- Ensure internal control reviews by the credit union’s Supervisory Committee.
Chartered in 1978, New Bethel Federal Credit Union has assets of $85,845 and serves 176 members, according to the credit union’s most recent Call Report.