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Two FCUs placed into conservatorship by NCUA
ALEXANDRIA, Va. (5/4/11)--Noting it would work with both financial institutions to “resolve issues” affecting safety and soundness, the National Credit Union Administration announced yesterday that it had placed two federal credit unions into conservatorship: Valued Members, of Jackson, Miss., and Hmong American, of St. Paul, Minn. Both credit unions remain open and operating, although services of Hmong American have moved to a new location. The NCUA, in its announcements, noted that a decision to conserve a credit union enables the institution to continue regular operations “with expert management in place, correcting previous service and operational weaknesses.” It also enables members to continue their business with their credit union. Valued Members, chartered in 1957 and serving Leake County, the underserved community of Madison County, and a number of employee groups in and around Jackson, has approximately $9 million in assets and 2,030 members. Hmong American FCU's new location is 56 East Sixth Street, Suite 314, St. Paul, MN 55101. Credit union members and others may continue to reach the credit union at 651-228-0455. Valued Members and Hmong American are, respectively, the fourth and fifth federally insured credit unions placed into conservatorship in 2011. The agency has posted on each credit union’s website an electronic frequently-asked-questions (FAQ) document to help members with information on the conservatorship. Use the link below to see one of the FAQ sites.
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