Accounts Remain Protected by Share Insurance Fund; Member Services Uninterrupted
ALEXANDRIA, Va. (Jan. 14, 2021) – The National Credit Union Administration today placed Indianapolis’ Newspaper Federal Credit Union in Indianapolis, Indiana, into conservatorship.
Member deposits at Indianapolis’ Newspaper Federal Credit Union remain protected by the National Credit Union Share Insurance Fund. Administered by the NCUA, the Share Insurance Fund insures individual accounts at Indianapolis’ Newspaper Federal 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.
The NCUA placed Indianapolis’ Newspaper Federal Credit Union into conservatorship because of unsafe and unsound practices at the credit union. While continuing normal member services, the NCUA will work to resolve issues affecting the credit union’s operations.
Member services will continue uninterrupted at the credit union’s main office at 126 S. Meridian Street, Indianapolis, Indiana. Members can continue to conduct normal financial transactions, deposit and access funds, and make loan payments. The office is open Tuesday through Thursday from 9 a.m. to 3:30 p.m., and from 9 a.m. to 3 p.m. on Friday.
Members with questions about Indianapolis’ Newspaper Federal Credit Union’s operations may contact the credit union at 317.870.1002. Members with questions about the conservatorship may review the Indianapolis’ Newspaper Federal Credit Union 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 the NCUA’s MyCreditUnion.gov consumer website.
Indianapolis’ Newspaper Federal Credit Union is a federally insured, federally chartered credit union with 1,155 members and assets of $6,604,355 according to the credit union’s most recent Call Report. Indianapolis’ Newspaper Federal Credit Union serves various select employee groups in the greater Indianapolis area.