NCUA Conserves Indianapolis Newspaper Federal Credit Union
It's the second credit union the NCUA has conserved this year.
The $6.6 million Indianapolis Newspaper Federal Credit Union, which lost more than $852,232 at the end of the third quarter, was conserved, the NCUA said Thursday evening.
What’s more, the Indiana credit union has been losing money since 2016. At the end of that year, INFCU posted a loss of $118,306, according to NCUA financial performance reports. The credit union also recorded losses of $72,026 in 2017; $201,296 in 2018 and $2,441 in 2019, according to NCUA financial performance reports.
From September 2019 to September 2020, the credit union posted declines in loans and membership. The credit union’s loans fell slightly by 0.75% in September 2019 but dropped substantially by 11% in September 2020, while its membership fell 2.74% in September 2019 and 3.49% in September 2020, according to NCUA financial performance reports.
INFCU’s fourth quarter financial performance reports have not been posted.
The NCUA said it placed INFCU into conservatorship because of unsafe and unsound practices, which were not specified. While continuing normal member services, the independent federal agency said it will work to resolve issues affecting the credit union’s operations.
Chartered in 1961, INFCU serves 1,155 members from various select employee groups in the greater Indianapolis area.
Members with questions about the credit union’s continuing operations should call (317) 870-1002. Additional information about this conservatorship has been posted on NCUA’s website.
This is the second credit union that the NCUA has conserved in the New Year.
On Jan. 5, the federal agency conserved the $4.4 million Community Owned Federal Credit Union in Charleston, S.C.