ALEXANDRIA, Va. — NCUA has confirmed that $4 billion Patelco Credit Union has applied to convert to federal insurance.
“Patelco Credit Union, a state-chartered credit union headquartered in San Francisco, Calif., has applied to the National Credit Union Administration (NCUA) for federal insurance coverage for member accounts through the National Credit Union Share Insurance Fund (NCUSIF),” NCUA Executive Director Len Skiles said in an e-mail.
“The application will be reviewed initially at the Regional level, and a determination of insurability will be made based on the requirements set forth by NCUA Rules and Regulations.”
Representatives from Patelco or American Share Insurance, the credit union's current insurer, were not immediately available for comment.
The large credit union caused a stir five years ago when, headed by former NCUA Chairman Ed Callahan, it converted to ASI. Patelco represents a significant percentage of ASI's insured shares. A reason for the conversion back to federal insurance has not yet surfaced.
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