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News Now

Washington
NCUA liquidates NYC OTB FCU
ALEXANDRIA, Va. (2/24/11)--The National Credit Union Administration (NCUA) on Wednesday placed NYC OTB FCU into liquidation after the credit union was judged to be insolvent. The New York, N.Y.-based credit union was chartered in 1972 and held $1.45 million in assets from 868 members. The credit union served employees of the New York City Off Track Betting Corporation, which shut down late last year. The corporation laid off 1000 workers and closed 50 betting parlors throughout New York City in early December after the N.Y. State Senate did not pass legislation that would have saved it, The New York Times reported on Dec. 8. The NCUA said that it’s Asset Management and Assistance Center would issue checks to individuals holding verified share accounts in NYC OTB FCU within one week. There have been two other liquidations and one federal credit union conservatorship so far this year.


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