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News Now

Washington
New Hope CDCU placed into conservatorship
ALEXANDRIA, Va. (7/23/09)--The National Credit Union Administration (NCUA) has assumed control of New Hope Community Development FCU, based in Birmingham, Ala., the agency announced Wednesday. Service continues uninterrupted at the credit union, and members can make deposits, access funds, make loan payments and use share drafts, NCUA said. "While the credit union was placed into conservatorship because of declining financial condition, the decision to conserve a credit union enables the institution to continue normal operations with expert management in place," said NCUA's press release. Originally chartered in 1996 to serve the West End community of Birmingham, New Hope Community Development FCU has about $1.3 million in assets and more than 900 members. NCUA noted that member accounts are insured to at least $250,000 under the National Credit Union Share Insurance Fund. Members with questions can contact NCUA's Share Insurance Call Center at 1-800-755-1030 and press 1 during normal business hours Monday through Friday.


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