Once again, NCUA fails to disclose enforcement order

by: Keith Leggett

During the closed National Credit Union Administration (NCUA) Board meeting on October 23, the NCUA Board considered an administrative enforcement action under Section 206 of the Federal Credit Union Act.

The agency also decided to keep this administrative enforcement action confidential.

However, keeping administrative enforcement actions confidential was not the intention of Congress, when it enacted the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. Congress wrote that the federal banking agencies, including NCUA, were to make public administrative enforcement orders.

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