YONKERS, N.Y.– NCUA has issued a cease and desist order to Yonkers Postal Employees Credit Union in New York.
According to the agency, the $6.8-million YPECU has agreed and consented to the issuance of a cease and desist order to address certain supervisory concerns raised by NCUA’s Eastern Regional Office. It did not provide additional details around its concerns.
The CU’s September call report shows it posted $21,906 in net income, and it is very well capitalized at 18.30%.
In announcing the cease and desist, NCUA noted that administrative orders are formal enforcement orders issued by the agency pursuant to Section 206 of the Federal Credit Union Act.
“Generally, the NCUA issues administrative orders when it finds that a credit union or persons affiliated with a credit union have violated a law, rule, or regulation; breached a fiduciary duty; or engaged in an unsafe or unsound practice,” it said.
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