CU among nation’s top 150 conserved by NCUA

A $1.8 billion credit union — within the top 150 federally insured credit unions in the country in asset size — Friday was conserved by the New York State Department of Financial Services, which appointed the NCUA as conservator.

Melrose Credit Union (located in Briarwood, N.Y., and which counts more than 23,000 members) was placed into conservatorship “because of unsafe and unsound practices at the credit union,” according a release by the NCUA.

“While continuing normal member services, NCUA will work to resolve issues affecting the credit union’s operations,” the release stated.

According to the NCUA, as of Sept. 30 there were 5,844 federally insured credit unions nationwide with 106 million members holding $1.3 trillion in assets.

 

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