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NCUA places Chetco FCU into conservatorship
ALEXANDRIA, Va. (9/26/11)--Chetco FCU, of Harbor, Ore., 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 32,435 members and will work to resolve issues affecting the institution. Chetco FCU is community-chartered and held $333 million in assets as of June 30. The credit union serves residents of Coos County and Curry County in Oregon and Del Norte County in California. 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. For the NCUA’s release, use the resource link.
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