NCUA issues cease-and-desist order against Live Life Federal Credit Union

The National Credit Union Administration's board has issued an administrative cease-and-desist order against Live Life Federal Credit Union.

As part of the order, the credit union will start an execute an automated system that will monitor and identify all transactions for suspicious activities by April 30.

The automated compliance and suspicious activity monitoring system must include functions that will aid Live Life Federal Credit Union's compliance with the Financial Crimes Enforcement Network's requirements for marijuana-related businesses.

Additionally, the credit union will immediately file all suspicious activity reports, cease its money services business program by March 15 and engage a third party that will validate the monitoring system, among other things.