Some interesting news from the NY-DFS …
From CU Insight
ALEXANDRIA, VA (February 10, 2017) — The New York State Department of Financial Services today took possession of Melrose Credit Union, located in Briarwood, New York, and appointed the National Credit Union Administration as conservator.
Deposits at Melrose Credit Union remain protected by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts at Melrose Credit Union up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund also separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.
The New York State Department of Financial Services placed Melrose Credit Union into conservatorship because of unsafe and unsound practices at the credit union. While continuing normal member services, NCUA will work to resolve issues affecting the credit union’s operations. Members can continue to conduct normal financial transactions, deposit and access funds, make loan payments and use shares.
Melrose Credit Union is a federally insured, state-chartered credit union with 23,462 members and assets of $1.78 billion, according to the credit union’s most recent Call Report. Melrose Credit Union serves eligible members subject to the provisions of its bylaws, which could include any person upon approval for membership and upon subscribing for a minimum of $25 of shares and paying for the same in whole, together with an entrance fee not to exceed $1.
Members who have questions about the conservatorship may review the Melrose Credit Union frequently asked questions document attached to this release and available online here .
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of nearly 105 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.
email@example.com Ben C. Hardaway