Local credit union required to complete financial statement audit

    The People for People Community Development Credit Union in North Philadelphia has been issued a cease and desist order from the National Credit Union Administration, and is now required to complete a financial statement audit.

    People for People has $1.2 million in assets in the second quarter, as the Business Journal reports, 13.8 percent of which are nonperforming. It describes itself as a credit union that services a blighted part of the city with few homeowners and high unemployment.

    The cease and desist also requires People for People to charge off uncollectible loans, collect on delinquent loans guaranteed by a third party and set up a Bank Secrect Act compliancy program.

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