Toledo Urban credit union meets auditors' concerns

11/25/2000

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.