NCUA Places Empire Financial Federal Credit Union Into Conservatorship

Accounts Protected by Share Insurance Fund; Member Services Uninterrupted

ALEXANDRIA, Va. (May 24, 2021) – The National Credit Union Administration today placed Empire Financial Federal Credit Union in Jackson, New Jersey, into conservatorship.

A conservatorship is an authorized action under the Federal Credit Union Act where the NCUA Board is appointed to take possession and control of an insured credit union to conserve the credit union’s assets, protect the National Credit Union Share Insurance Fund, and resolve operational problems that could affect the credit union’s safety and soundness. During a conservatorship, the credit union remains open, members may transact business, and accounts remain protected by the Share Insurance Fund.

Administered by the NCUA, the Share Insurance Fund insures individual accounts at the credit union up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Fund also separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.

The NCUA placed Empire Financial Federal Credit Union into conservatorship because of unsafe and unsound practices at the credit union. While continuing normal member services, the NCUA will work to resolve issues affecting the credit union’s operations. Member services will continue uninterrupted by appointment at the credit union’s new location at 22 Cortlandt Street, New York, NY 10007. Members can continue to conduct normal financial transactions, deposit and access funds, make loan payments, and use shares during the conservatorship.

Members with questions about Empire Financial Federal Credit Union’s operations may contact the credit union at 212.238.9810 for an appointment between 9:00 a.m. and 4:00 p.m. Monday through Thursday and Friday from 9:00 a.m. and 3:30 p.m. Members with questions about the conservatorship may review the Empire Financial Federal Credit Union’s frequently asked questions posted on the NCUA’s website. Members with questions about their Share Insurance Fund coverage can find more information in the Share Insurance Coverage section of NCUA’s MyCreditUnion.gov consumer website. They can also contact the NCUA’s Consumer Assistance Center at 800.755.1030 Monday through Friday from 8 a.m. to 5 p.m. Eastern.

Empire Financial Federal Credit Union is a federally insured credit union with 343 members and assets of more than $3.04 million, according to the credit union’s most recent Call Report. Empire Financial Federal Credit Union serves multiple faith, occupational, and associational groups, and communities primarily located in New York, New York, and New Jersey.

IR Press

Share
Published by
IR Press

Recent Posts

Treasury Issues Final Rule Expanding CFIUS Coverage of Real Estate Transactions Around More Than 60 Military Installations

WASHINGTON – Today, the U.S. Department of the Treasury (Treasury), as Chair of the Committee…

4 days ago

U.S. Department of the Treasury’s CDFI Fund and Federal Housing Finance Agency Collaborate to Bolster CDFI Access to Capital

WASHINGTON—Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) and…

4 days ago

Report on U.S. Portfolio Holdings of Foreign Securities at Year-End 2023

Washington – The findings from the annual survey of U.S. portfolio holdings of foreign securities…

5 days ago

READOUT: U.S. Department of the Treasury Hosts Roundtable Discussion on the Financial Sector’s Response to Recent Hurricanes

WASHINGTON – The U.S. Department of the Treasury hosted a roundtable on October 30 with…

5 days ago

READOUT: Sixth Meeting of the Financial Working Group Between the United States and the People’s Republic of China

WASHINGTON – The United States and the People’s Republic of China held the sixth meeting…

5 days ago

Treasury Sanctions Key Members of La Linea, a Group Involved in Trafficking Fentanyl into the United States

WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned…

5 days ago