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. Comments that violate these standards, or our privacy statement or visitor's agreement, are subject to being removed and commenters are subject to being banned. To post comments, you must be a registered user on toledoblade.com. To find out more, please visit the FAQ.