NCUA places $3 million NJ credit union into conservatorship

The $3.04 million-in-assets, 343-member Empire Financial Federal Credit Union of Jackson, N.J., was placed in conservatorship Monday by the National Credit Union Administration (NCUA), the agency announced, citing “unsafe and unsound practices” at the institution.

“While continuing normal member services, the NCUA will work to resolve issues affecting the credit union’s operations,” the agency said. It said member services are continuing uninterrupted “by appointment” at a new location in New York, N.Y.

The credit union’s asset size and member count are from the credit union’s most recent call report, the agency said. It said Empire Financial FCU serves multiple faith, occupational, and associational groups, and communities primarily located in New York, N.Y., and New Jersey.

NCUA data show that Empire Financial FCU is the fourth federally insured credit union conserved this year.

NCUA Places Empire Financial Federal Credit Union Into Conservatorship

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