A small Pennsylvania credit union was placed into conservatorship by its federal regulator late Tuesday, which cited “unsafe and unsound practices,” the agency said.
Copper & Glass Federal Credit Union in Glassport, Pa. – which has 1,255 members and assets of about $7.1 million, according to the agency – was conserved, the National Credit Union Administration (NCUA) said in a release.
The federal agency “conserves” a credit union (or takes control of it) when the agency determines that its financial stability and safe operations are threatened by unsafe and unsound practices.
NCUA said the credit union serves multiple occupational and associational groups and people who live, work, worship, or attend school in Allegheny County, Pa. The credit union also serves businesses and other legal entities in the defined underserved portion of the same county.
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