Small credit union agrees to cease and desist, but no more details provided

A small, Yonkers, N.Y., credit union agreed to a cease-and-desist order from its federal regulator this month – but that’s about all the details the agency would release in a report issued Wednesday.

According to the National Credit Union Administration (NCUA), the cease-and-desist order was issued to Yonkers Postal Employees Credit Union in Yonkers earlier this month, with the agreement of the credit union. The only additional information the agency provided in a release was that the order was issued “to address certain supervisory concerns raised by the NCUA’s Eastern Regional Office.”

The only other recent action they credit union has seen from the regulator was the assessment of a civil money penalty (CMP) in 2018 of $456; no additional details were provided.

The credit union, chartered in 1933, reported $6.8 million in assets and 489 members as of September.

NCUA Issues Cease and Desist Order in November 2022