A tiny new federal credit union, just chartered in December 2024, was closed Friday by the National Credit Union Administration (NCUA), which said it found the credit union to be insolvent and in violation of federal laws and rules.
“The NCUA made the decision to liquidate Soul Community Federal Credit Union and discontinue its operations after determining the credit union was insolvent and in violation of numerous provisions of the Federal Credit Union Act and NCUA Rules and Regulations, including operating in an unsafe and unsound manner,” the agency said in its release Friday.
Soul Community Federal Credit Union of Austell, Ga., was chartered Dec. 9, 2024, and had the agency’s low-income designation, according to online profile information on the agency’s website. The credit union “primarily served persons who live, work, worship, study, and participate in programs, associations and businesses” in Austell, the agency said. Data on the agency’s website shows the credit union had $308,500 in assets and 21 members as of March 31.
In December, the agency said the credit union could also be eligible for a minority depository institution (MDI) designation and planned to open for business early this year to provide basic savings and lending services.
Earlier last week, the NCUA announced it had placed Aldersgate Federal Credit Union of Marion, Ill., into conservatorship. “Member services will continue while the NCUA works to resolve issues affecting the credit union’s operations,” it said.
The NCUA said Aldersgate FCU has 811 members and reported assets of $10.6 million on its most recent call report. It said the credit union serves the ministerial and probationary members, full time employees, local pastors, clergy persons and diaconal ministers under appointment of the bishop of the Illinois Great Rivers Conference of the United Methodist Church.
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