According to NCUA financial performance reports, the $84.6 million Ukrainian Future Credit Union is well capitalized and has not posted net income losses over the last five years, but Michigan regulators placed the Warren-based credit union into conservatorship Friday.
The Michigan Department of Insurance and Financial Services in Lansing assigned the NCUA as the conservator.
In a prepared statement, Michigan's DIFS Director Patrick McPharlin determined conservatorship of the Ukrainian Future CU was "necessary to protect the public interest," but he did not specifically say why the cooperative was placed into conservatorship. In the NCUA's prepared statement distributed late Friday afternoon, Ukrainian Future was conserved because of unspecified "unsafe and unsound practices."
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