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News Now

Washington
Texans CU Vensure FCU placed into conservatorship
ALEXANDRIA, Va. (4/18/11)--The National Credit Union Administration (NCUA) on Friday placed Mesa, Ariz.'s Vensure FCU and Texans CU of Richardson, Texas, into conservatorship. The agency said that it continues to insure the shares of members of both credit unions. Texans CU holds $1.6 billion in assets from 133,000 members. Vensure currently holds $4.7 million in assets from 144 members. Texans CU serves residents of Collin, Dallas, Rockwall, Travis, and Williamson, as well as parts of Denton County. Vensure FCU serves employees of Vensure Employer Services Inc., employees of various related companies, and their families. The NCUA in its release said that it is authorized under the Federal Credit Union Act to appoint itself as conservator “to conserve the assets of a federally insured credit union, protect members’ interests, or protect the National Credit Union Share Insurance Fund.” The pair of conservatorships were the second and third to take place this year. There have also been four credit union liquidations this year.


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