Braintree’s Tremont Credit Union has been ordered to find a permanent CEO and investigate insider abuses after regulators found a host of problems at the $178.9 million institution.

The credit union’s failings include shoddy operations and unsafe lending practices, as well as "failing to prevent insiders from abusing their powers in the lending and operations areas."

The reprimand, dated last week, is a "letter of understanding and agreement" that includes instructions that the credit union must follow, or else face harsher actions that may include putting Tremont Credit Union into conservatorship or liquidation.

"If left unresolved, these deficiencies may jeopardize the financial condition and/or operations of the credit union," according to the letter, which was posted to the Massachusetts Division of Banks’ enforcement actions website.

As part of the agreement, the credit union must hire consultants to investigate the "lending abuse, insider abuse and self-dealing." It also must hire a search committee to find a permanent CEO. The interim chief is Gary Fishlock.

In a statement about the agreement, Fishlock said the credit union is cooperating with regulators and has made progress in reducing its delinquencies. Overall, he added, the credit union is strong.

"We are confident that careful management by the credit union and cooperation with our regulators, will ensure that Tremont continues to operate independently as a strong and vital financial resource for our members and the communities we serve,"  he said.

The credit union must also review its loans lending practices and come up with an earnings plan, among other things. Tremont’s net worth over total assets has fallen to 7.81 percent in March, down from 14.25 percent in March 2009, according to the National Credit Union Administration’s most recent report.