NY regulator names NCUA conservator of Municipal Credit Union

A state-chartered, federally insured credit union that was taken over by New York regulators Friday is under conservatorship of the National Credit Union Administration (NCUA) and continues to serve members at all of its 22 branch locations, the NCUA said in announcing the action.

The conserved credit union – Municipal Credit Union – had 588,059 members and more than $3 billion in assets as of its latest call report, the NCUA said in its announcement Friday. The credit union serves persons working for the city of New York and other approved groups and associations, the agency said.

NCUA said members’ funds in the credit union continue to be protected by the National Credit Union Share Insurance Fund (NCUSIF) and that members can continue to conduct normal financial transactions, deposit and access funds, make loan payments, and use shares during the conservatorship.

Accounts Protected by Share Insurance Fund; Member Services Uninterrupted