ALEXANDRIA, Va. -- NCUA announced Tuesday that it has issued a cease and desist order to New Bethel FCU of Portsmouth, Va.

Chartered in 1978, New Bethel has assets of only $85,845 and 176 members.

Under the order--which New Bethel officials have consented to--the CU is required to: produce source documents demonstrating that a certificate of deposit with a local bank is properly titled in the credit union's name; provide the agency with complete and accurate financial statements and up-to-date member share and loan transactions; obtain a member account verification and independent audit through 2014; charge off all non-performing loans; cease granting any new loans; comply with the Bank Secrecy Act and the USA Patriot Act; and ensure internal control reviews by the CU's supervisory committee.

NCUA also noted that accounts of New Bethel members will remain insured by its National Credit Union Share Insurance Fund which covers individual accounts up to $250,000.

Subscribe Now

Authoritative analysis and perspective for every segment of the credit union industry

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.