ALEXANDRIA, Va.—NCUA has terminated its Published Letter of Understanding and Agreement, dated May 28, 2010, with Sperry Associates Federal Credit Union of Garden City Park, New York.
At the time it issued the LUA, NCUA identified corrective actions needed at the credit union, calling for it to make a “sustained, conscientious effort to correct noted adverse conditions.”
Those conditions included declining capital, participation lending losses, potential unrecognized investment losses, inadequate due-diligence, and inadequate testing of high-risk areas.
The $256-million Sperry Associates FCU reported net income of $2.4 million as of Q3, with net worth of 6.57%.
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