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News Now

Washington
NCUA places BCT FCU into conservatorship
ALEXANDRIA, Va. (6/13/11)— BCT FCU, of Binghamton, N.Y., is now operating under National Credit Union Administration (NCUA) management after the agency assumed control Friday. The NCUA will continue normal services to the credit union’s 3,911 members and will work to resolve issues affecting the institution’s safety and soundness. BCT FCU has served New York’s southern tier’s educational community for 67 years. The NCUA said in a release announcing its supervisory action that the decision to conserve a credit union enables the institution to continue regular operations with expert management in place, correcting previous service and operational weaknesses. During conservatorship, members may therefore continue to conduct business at the credit union. The Federal Credit Union Act authorizes the NCUA board to appoint itself conservator when necessary to conserve the assets of a federally insured credit union, protect members’ interests, or protect the federal share insurance fund. BCT is the sixth federally insured credit union placed into conservatorship during 2011.


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