Two Federal CUs Conserved

Actions Raise 2011 Tally to 50 Failed Institutions
Two Federal CUs Conserved
The National Credit Union Administration placed two federal credit unions into conservatorship on May 4.

Two credit union failures raise the total number of 2011's failed institutions to 50 banks and credit unions that have been closed, acquired or conserved.

Hmong American Federal Credit Union, St. Paul, Minn.

The NCUA placed Hmong American Federal Credit Union of Saint Paul, Minn., into conservatorship. The credit union will remain open and operating, although services have moved to a new location. While continuing normal member services, NCUA will work to resolve issues affecting the institution's safety and soundness.

The National Credit Union Share Insurance Fund continues to insure individual accounts at Hmong American Federal Credit Union up to $250,000. .

Hmong American Federal Credit Union has $2.7 million and currently serves 716 members.

Valued Members Federal Credit Union, Jackson, Miss.

The NCUA placed Valued Members Federal Credit Union of Jackson, Miss., into conservatorship. Valued Members Federal Credit Union remains open and operating. While continuing normal member services, NCUA will work to resolve issues affecting the Valued Members Federal Credit Union's safety and soundness.

The National Credit Union Share Insurance Fund continues to insure individual accounts at Valued Members Federal Credit Union up to $250,000.

Valued Members Federal Credit Union has approximately $9 million in assets and 2,030 members.


About the Author

Information Security Media Group

Information Security Media Group (ISMG) is the world's largest media company devoted to information security and risk management. Each of its 37 media sites provides relevant education, research and news that is specifically tailored to key vertical sectors including banking, healthcare and the public sector; geographies from North America to Southeast Asia; and topics such as data breach prevention, cyber risk assessment and fraud. Its yearly global summit series connects senior security professionals with industry thought leaders to find actionable solutions for pressing cybersecurity challenges.




Around the Network

Our website uses cookies. Cookies enable us to provide the best experience possible and help us understand how visitors use our website. By browsing inforisktoday.eu, you agree to our use of cookies.