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NCUA issues C&D to Philadelphia-based SM FCU

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NCUA issues C&D to Philadelphia-based SM FCU

The NCUA issued a cease and desist order to Philadelphia-based SM Federal Credit Union, which has consented to the order.

Under the order, the credit union is required to provide credit union records to the compensated auditor, complete a member account verification and supervisory committee audit, reconcile and maintain accurate financial statements and member share and loan records, calculate and track loan delinquency, actively and effectively collect past due loans, cease granting new loans, ensure the supervisory committee is fully staffed and fulfilling all obligations, and provide the NCUA with monthly financial statements along with board and committee minutes.

The credit union has $56,005 in assets.