ALEXANDRIA, Va.-NCUA has placed the troubled $5.2 million Midwood Federal Credit Union in Brooklyn into conservatorship. NCUA has assured that service to the credit union's 1,110 members will continue uninterrupted. The National Credit Union Share Insurance Fund insures member accounts up to $100,000. NCUA Special Assistant to the Chairman and Director of External Affairs Nick Owens explained that the credit union was conserved due to operational concerns uncovered during a recent NCUA contact with Midwood. Credit unions are conserved to carry on normal operations as expert management assistance is put in place to correct service and operational weaknesses, according to NCUA.

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.