Empire Financial Federal Credit Union Conservatorship Frequently Asked Questions

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.

Yes, member accounts at Empire Financial Federal Credit Union remain safe and fully insured up to the maximums established in federal law.

Administered by the National Credit Union Administration, the National Credit Union Share Insurance Fund insures member accounts owned by an individual for 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’s online Share Insurance Estimator allows credit union members to estimate their share insurance coverage. Once you provide the required data, the Share Insurance Estimator produces a report with a detailed explanation of insurance coverage.

Members with additional questions about their insurance coverage may contact the National Credit Union Administration’s Consumer Assistance Center toll free at 800.755.1030. The center answers calls Monday through Friday between 8 a.m. and 5 p.m. Eastern.

You can visit the Share Insurance Coverage page of the NCUA’s MyCreditUnion.gov consumer website at any time for more information about insurance coverage.

The National Credit Union Administration placed Empire Financial Federal Credit Union into conservatorship on May 24, 2021.

In conservatorship, NCUA’s priority is to protect the assets of the members of Empire Financial Federal Credit Union while working to maintain safe-and-sound credit union operations.

The NCUA is an independent agency of the federal government that, among other things, operates and manages the Share Insurance Fund, which insures accounts at all federally insured credit unions, including Empire Financial Federal Credit Union.

Yes. NCUA will operate Empire Financial Federal Credit Union during the conservatorship. Empire Financial Federal Credit Union members will have continued access to their funds and member services.

Members may contact Empire Financial by telephone at 212.238.9810 or in person by appointment at the credit union’s new office located at 22 Cortlandt Street, New York, NY 10007. The location is open Monday through Thursday from 9:00 a.m. to 4:00 p.m. and Friday from 9:00 a.m. to 3:30 p.m.

Through a conservatorship, NCUA seeks to resolve operating issues at the credit union with a goal of protecting member assets and seeking a resolution to identified problems.

In working to resolve the issues affecting Empire Financial Federal Credit Union, NCUA’s top priority is to protect the interests of the credit union’s members. NCUA has no set timeframe for completing this resolution process.

Empire Financial Federal Credit Union has one main office; service to all the credit union’s 335 members continues.

The credit union has approximately $3.04 million in assets as of March 31, 2021.

NCUA has made no decisions about the long-term future of the credit union. Continued credit union service for the members, however, is a priority.