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
Credit Union or Other Entity |
Date of Publication |
Vitelco Employees Federal Credit Union in PDF only |
09/28/2005 |
2003
1999
|