First credit union to fail in ’23 is tiny, faith-based institution in Brooklyn, N.Y.

The first credit union to be shuttered in 2023 was a tiny institution in New York City after its federal regulator determined it was not operating safely and soundly, the agency said late Wednesday.

Inter-American Federal Credit Union (FCU) of Brooklyn, New York was liquidated by the National Credit Union Administration (NCUA), the agency said. It was chartered 59 years ago and mostly served communicant members of Hanson Place Seventh Day Adventist Church, also in Brooklyn, the NCUA said.

When the credit union was closed, it served 460 members and held assets of just more than $727,000, the NCUA said, basing the figures on the latest call report filed by the institution.

The NCUA said its Asset Management and Assistance Center (AMAC) will issue correspondence to individuals holding verified credit union share accounts within one week.

Inter-American Federal Credit Union Closes

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