Member Deposits at S M Federal Credit Union Remain Insured Up to $250,000
ALEXANDRIA, Va. (Dec. 12, 2016) – The National Credit Union Administration has issued a cease and desist order to S M Federal Credit Union of Philadelphia, Pennsylvania.
S M Federal Credit Union members’ accounts remain insured by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States. Individuals may visit the MyCreditUnion.gov website at any time for more information about their insurance coverage.
S M Federal Credit Union officials have consented to the order, which requires the following actions:
- 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 agency with monthly financial statements; and board and committee minutes.
Chartered in 1959, S M Federal Credit Union has assets of $56,005 and serves 115 members, according to the credit union’s most recent Call Report.
A copy of the final order is posted on the NCUA website here. NCUA enforcement orders can be inspected Monday through Friday at NCUA’s Office of General Counsel from 9 a.m. to 4 p.m. Eastern. Copies may also be ordered by mail from NCUA at 1775 Duke Street, Alexandria, VA 22314-3428.