Federal regulators conserved a $28 million Texas credit union Friday, following findings of unsafe and unsound practices, the agency said.
Valwood Park Federal Credit Union (FCU) of Carrollton, Texas, was placed under conservatorship by the National Credit Union Administration (NCUA). The agency gave no additional reasons for its action, other than “unsafe and unsound” practices.
The credit union, which counts about 2,800 members, serves the Texas communities of Carrollton, Farmers Branch, and Addison.
The agency said that, while continuing normal member services, it will work to resolve issues affecting the credit union’s operations. In the meantime, NCUA said, members can continue to conduct regular financial transactions, deposit and access funds, make loan payments, and use shares.