Accounts Protected by Share Insurance Fund; Member Services Uninterrupted
ALEXANDRIA, Va. (May 17, 2019) – The New York State Department of Financial Services today took possession of Municipal Credit Union, located in New York City, and appointed the National Credit Union Administration as conservator.
Member deposits at Municipal Credit Union remain protected by the National Credit Union Share Insurance Fund. Administered by the NCUA, the Share Insurance Fund insures individual accounts at the credit union up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund also 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.
Member services will continue uninterrupted at all of the credit union’s 22 branch locations in the New York metropolitan area. Members can continue to conduct normal financial transactions, deposit and access funds, make loan payments, and use shares during the conservatorship.
Members with questions about Municipal Credit Union’s operations may contact the credit union at 212.238.3300 between 8:30 a.m. and 8 p.m. Monday through Friday. Members with questions about the conservatorship may review the Municipal Credit Union’s frequently asked questions posted on the NCUA’s website. Members with questions about their Share Insurance Fund coverage can find more information in the Share Insurance Coverage section of NCUA’s MyCreditUnion.gov consumer website.
Municipal Credit Union is a federally insured, state-chartered credit union with 588,059 members and assets of more than $3 billion, according to the credit union’s most recent Call Report. Municipal Credit Union serves persons working for the city of New York, along with other approved groups and associations.