Loading…
Saturday, April 19, 2014
Current Weather
Loading Current Weather....
HomeNewsLocal
Published: 11/25/2000

Toledo Urban credit union meets auditors' concerns

FROM BLADE STAFF

The Toledo Urban Federal Credit Union is now in compliance with regulator demands for improved equity, earnings, and operations, satisfying a nearly year-old agreement made after a federal audit found problems.

The National Credit Union Administration this month terminated a letter of understanding with the Toledo financial institution after it became compliant with the stipulations. Most notably, the credit union through August significantly increased net worth by $139,440 - or nearly 7 per cent of assets - through a combination of grants, donations, and earnings, according to the administration.

Failure to resolve the problems could have meant fines or sanctions, including closure.



Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.



Poll