A tiny Missouri credit union is now under the control of its federal regulator as the agency works to resolve issues resulting from its unsafe, unsound practices, the agency said late Friday.
WeDevelopment Federal Credit Union (FCU) of Kansas City, Mo., was placed into conservatorship Friday by the National Credit Union Administration (NCUA), it said. According to the credit union’s most recent financial condition report, it counted 933 members and held assets of $2.63 million, NCUA said. The credit union serves underserved communities within 57 census tracts in Jackson County, Mo, according to the agency.
While the credit union is under NCUA’s control (as its conservator), the agency said, member services will continue uninterrupted at its main office in Kansas City.
NCUA said it will work to resolve issues affecting the credit union’s operations.
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