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Published Letters of Understanding and Agreement
Letters of Understanding and Agreement (LUAs) are supervisory tools used by NCUA.
An LUA is essentially a contract between NCUA and a credit union and/or its officials,
in which the credit union or officials agree to take, or not take, certain specified
actions. Normally, LUAs are negotiated when credit unions have not adequately responded
to less severe measures, such as Documents of Resolution. NCUA also requires LUAs
for newly chartered credit unions and to grant permanent special assistance.
The Federal Credit Union Act requires that the NCUA Board publish and make available
to the public “any written agreement or other written statement for which a violation
may be enforced by the Board unless the Board, in its discretion, determines that
publication would be contrary to public interest.” Violations of the terms of a
published LUA constitute grounds for administrative actions. The NCUA Board may
therefore take administrative actions against credit unions or officials that fail
to comply with the terms of published LUAs.
2005
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Credit Union or Other Entity
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Date of Publication
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Vitelco Employees Federal Credit Union in PDF only
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09/28/2005
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2003
1999
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