LITTLE ROCK, Ark. — The National Credit Union Administration (NCUA) has placed People Trust Community Federal Credit Union into conservatorship due to claims of “unsafe and unsound practices.”
In a news release from Jan. 16, the NCUA stated that member services will continue while the administration “works to resolve issues affecting [People Trust Community Federal Credit Union’s] operations.”
According to Arkansas Business, the conservatorship lists recordkeeping concerns, unsound lending practices, inadequate internals, failure to report suspicious transactions, and undercapitalization…