CU in Warren, Mich., conserved, last reported $84.6 million in assets

Ukrainian Future Credit Union of Warren, Mich., which last reported having 5,692 members and $84.6 million in assets, was placed into conservatorship today by the director of the Michigan Department of Insurance and Financial Services. The National Credit Union Administration (NCUA) was appointed conservator.

The state regulator placed the credit union into conservatorship because of unsafe and unsound practices there, the NCUA said in a release.

Ukrainian Future Credit Union, chartered in 1961, is a federally insured, state-chartered credit union that serves the members of the Future Ukrainian-American Aid Association of Detroit, Mich.

The NCUA said Ukrainian Future Credit Union’s members should experience no interruption in services, and their accounts remain protected by the National Credit Union Share Insurance Fund (NCUSIF).

Ukrainian Future Credit Union Conserved