Accounts Protected by Share Insurance Fund; Member Services Uninterrupted
ALEXANDRIA, Va. (May 24, 2021) – The National Credit Union Administration today placed Empire Financial Federal Credit Union in Jackson, New Jersey, into conservatorship.
A conservatorship is an authorized action under the Federal Credit Union Act where the NCUA Board is appointed to take possession and control of an insured credit union to conserve the credit union’s assets, protect the National Credit Union Share Insurance Fund, and resolve operational problems that could affect the credit union’s safety and soundness. During a conservatorship, the credit union remains open, members may transact business, and accounts remain protected by the 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 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 Empire Financial 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 by appointment at the credit union’s new location at 22 Cortlandt Street, New York, NY 10007. 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 Empire Financial Federal Credit Union’s operations may contact the credit union at 212.238.9810 for an appointment between 9:00 a.m. and 4:00 p.m. Monday through Thursday and Friday from 9:00 a.m. and 3:30 p.m. Members with questions about the conservatorship may review the Empire Financial Federal 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. They can also contact the NCUA’s Consumer Assistance Center at 800.755.1030 Monday through Friday from 8 a.m. to 5 p.m. Eastern.
Empire Financial Federal Credit Union is a federally insured credit union with 343 members and assets of more than $3.04 million, according to the credit union’s most recent Call Report. Empire Financial Federal Credit Union serves multiple faith, occupational, and associational groups, and communities primarily located in New York, New York, and New Jersey.