TO THE MEMBERS OF COMMUNITY UNITED FEDERAL CREDIT UNION:
On April 20, 2017, the National Credit Union Administration Board placed Community United Federal Credit Union into conservatorship.
As a result of this action, your credit union’s assets and operations have been placed in my control as the principal agent for the NCUA Board as conservator. The credit union remains open; your accounts remain insured; and member services will continue without interruption. NCUA will make protecting your accounts a priority as we work to correct problems at the credit union.
The National Credit Union Administration, which the NCUA Board oversees, is the independent federal agency that regulates, charters, and supervises federal credit unions. NCUA also operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of nearly 107 million account holders in all federal credit unions and the majority of state-chartered credit unions.
The Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.
“Your Insured Funds” brochures are available at the credit union, and they explain in detail the Share Insurance Fund and the federal insurance coverage of your accounts. You can also find information on the Share Insurance Coverage website on NCUA’s website. That page includes an estimator to help you determine the amount of coverage you have,
The credit union will remain open for business Mondays, Tuesdays, and Thursdays from 8:30 a.m. to 4:30 p.m.; Wednesdays from 8:30 a.m. to 3:30 p.m., and Fridays from 8:30 a.m. to 5:30 p.m., except for holidays. All savings and loan products and other services to which you are accustomed will continue uninterrupted. The conservator will ensure you continue to have the credit union services available to you and will notify you promptly of any further developments that affect your credit union.
If you have any questions, you can go online to a list of frequently asked questions about conservatorship or contact the credit union at 912-285-5150.
Myra M. Toeppe
Agent for the Conservator
Community United Federal Credit Union FAQs