A $28 million Kentucky credit union was placed into conservatorship Friday to give it time to “allow the credit union to continue regular operations with experienced management in place and to correct operational weaknesses,” the federal regulator said.
The National Credit Union Administration (NCUA) conserved the Louisville Metro Police Officers Credit Union, which counts about 3,500 members in the Louisville, Ky., area. According to a release from the agency, the credit union will continue to serve its members while NCUA works “to resolve issues affecting the credit union’s safety and soundness.”
The agency pointed out that member savings at the credit union remain protected by the National Credit Union Share Insurance Fund (NCUSIF), with individual accounts insured up to $250,000, and a member’s interest in all joint accounts combined insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000, the agency said, noting that the fund has the “backing of the full faith and credit of the United States.”