Title : Evangelical Christian Credit Union Issued Final Order
Evangelical Christian Credit Union Issued Final Order
The California Department of Business Oversight (DBO) issued a final order against Evangelical Christian Credit Union (Brea, CA).This final order supersedes a September 2, 2014 order that the credit union was under.
According to the final order, Evangelical Christian Credit union shall retain management, including chief executive officer, a chief financial officer, and a senior lending officer, and maintain a Board of Directors acceptable to the Commissioner and the National Credit Union Administration (NCUA). Such management will restore the credit union to a sound condition, operate the credit union in a safe and sound manner, comply with this Order, and comply with applicable laws and regulations.
Evangelical Christian Credit Union shall not award or pay its chief executive officer, president or CFO any bonus, profit sharing, or any other additional remuneration without the Commissioner’s and NCUA’s prior written approval. This provision also applies to any changes in or increased funding of any retirement plan, such as a tax advantaged deferred-compensation retirement plan (e.g., a 457 plan). In addition, the credit union shall not pay or enter into any agreement with an institution-affiliated party to pay any indemnification or golden-parachute compensation.
The final order imposes limits on uninsured deposits and member business loans for Evangelical Christian Credit Union.
The credit union shall maintain its uninsured shares at no more than one hundred twenty-five (125) percent of its cash and short-term investments. As of June 30, the credit union had $195.5 million in uninsured deposits. Cash on hand and deposits at financial institutions were $92.5 million. Investments with 1 year or less in maturity was $76.7 million.
Also, the credit union shall maintain its total concentration of member business loans at no more than 65 percent of assets, excluding loan interests sold on a non-recourse basis. As of June 30th, the $911 million credit union reported $550 million in member business loans.
As of June 30th, the credit union was in compliance with these two limitations.
The credit union will also develop a Strategic Plan, which describes how management and the Board of Directors will restructure the balance sheet to bring the credit union's credit, interest-rate and liquidity-risk exposure levels within risk tolerances acceptable to the Commissioner and the NCUA.
Violation of any provision of this Order could result in further enforcement actions.
Read the final order.
so articles Evangelical Christian Credit Union Issued Final Order
World CreditEvangelical Christian Credit Union Issued Final Order, hopefully can provide benefits to all of you..
You're reading an article Evangelical Christian Credit Union Issued Final Order and this article is a url permalink http://worldcredit.blogspot.com/2016/08/evangelical-christian-credit-union.html Hopefully this article This can be useful.
Tidak ada komentar:
Posting Komentar