Richmond City Employees Federal Credit Union Conservatorship Frequently Asked Questions

Yes, member accounts at Richmond City Employees 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 (Opens new window) 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 (Opens new window) page of the NCUA’s MyCreditUnion.gov (Opens new window) consumer website at any time for more information about insurance coverage.

The NCUA placed Richmond City Employees Federal Credit Union into conservatorship on December 12, 2022. In a conservatorship, the NCUA’s priority is to protect the assets of the members of Richmond City Employees 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 Richmond City Employees Federal Credit Union.

A conservatorship means the NCUA has assumed control of Richmond City Employees Federal Credit Union to ensure its financial stability and safe-and-sound operation. In a conservatorship, the NCUA works to address issues related to a credit union’s operations and financial condition while maintaining member services.

Yes, member services at Richmond City Employees Federal Credit Union will continue uninterrupted. You can contact Richmond City Employees Federal Credit Union by telephone at 765.983.7228 or in person at the credit union’s office located at 50 N. 5th Street, Richmond, Indiana.

Richmond City Employees Federal Credit Union’s main office is open Monday through Friday from 8:30 a.m. to 4:30 p.m.

Through a conservatorship, the NCUA seeks to resolve operating issues at the credit union with the goal of protecting member assets and seeking a resolution to identified problems. The NCUA has made no decisions about the long-term future of the credit union; however, continued service to members is a priority.

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

Richmond City Employees Federal Credit Union serves 836 members, according to its most recent Call Report.

The credit union has assets of $8,039,424, according to its most recent Call Report.

Richmond City Employees Federal Credit Union serves various select employee groups in the greater Richmond area. The employee groups the credit union serves include:

• Employees of the City of Richmond, Indiana, except employees of the Richmond Power and Light Division, who work, or are reasonably expected to work at least six months per year;
• Employees of the Housing Authority of the City of Richmond, Indiana, a federally funded program in Richmond, Indiana;
• Employees of the Morrisson-Reeves Library, who work in Richmond, Indiana; and
• Employees of the General Telephone Company, Southeastern Division, who work in or are supervised from Richmond, Indiana.