NCUA places small IN credit union into conservatorship

The federal credit union regulator on Thursday said it placed the $6.6 million-in-assets, 1,155-member Indianapolis’ Newspaper Federal Credit Union into conservatorship.

“The NCUA placed Indianapolis’ Newspaper Federal Credit Union into conservatorship because of unsafe and unsound practices at the credit union,” the agency said in a release. “While continuing normal member services, the NCUA will work to resolve issues affecting the credit union’s operations.”

Chartered in 1961, Indianapolis’ Newspaper FCU is a federally insured, federally chartered credit union; total assets and members given were based on the credit union’s most recent call report, the agency said. The credit union today is described in the agency’s database as a multiple-common-bond credit union serving primarily communications and utilities.

Indianapolis’ Newspaper Federal Credit Union Conserved

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