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News Now

Washington
Community development CU placed into conservatorship
ALEXANDRIA, Va. (12/17/07)—The National Credit Union Administration (NCUA) announced Friday that $ 4.2 million-asset Zion United Community CU has been placed into conservatorship. The NCUA said that the State of Colorado assumed control of the Denver-based credit union and has appointed “several credit union leaders” as an advisory board for the conservatorship. According to State Commissioner of Financial Services Chris Myklebust, Zions United Community is the state’s only community development credit union. The unusual step of creating a conservatorship advisory board is intended to foster creative ways to help the credit union survive its current problems, Myklebust told New Now Friday. The state regulator said he worked with the NCUA to develop an advisory board whose members “will be active and who will care” about the ultimate outcome of the conservatorship. Service continues uninterrupted at Zion United Community and members may freely make deposits, access funds, and make loan payments. An NCUA release reminds that member funds are safe. Accounts are federally insured up to at least $100,000 per account by the National Credit Union Share Insurance Fund (NCUSIF), a federal fund managed by NCUA and backed by the full faith and credit of the U.S. Government. Zion United Community Credit Union serves approximately 1,300 members. The advisory board group members are:
* Darrell E. Nulan of Trimble Nulan and Evans, P.C., an attorney and community leader; * The Rev. John Thompson, senior minister of Park Hill United Methodist Church and community leader; * Stacey A. Campbell of Baker Hostetler, attorney and community leader; * Valerie A. Harrison, credit union program officer, National Federation of Community Development CUs; * Carla Hedrick, president/CEO, of Denver Community FCU; and * Darrick Weeks, chief business development officer, Westerra CU.


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