Member Deposits Protected up to $250,000; Consumer Service Hotline Open

ALEXANDRIA, Va. (Aug. 9, 2012) – The Michigan Office of Financial Insurance Regulation (OFIR) today closed United Catholic Credit Union (UCCU) of Temperance, Mich., and appointed the National Credit Union Administration (NCUA) as liquidating agent.

 

UCCU member deposits are federally insured by the National Credit Union Share Insurance Fund up to $250,000. NCUA’s Asset Management and Assistance Center will issue checks to individuals holding verified share accounts in the credit union within one week.

 

Members with additional questions about their insurance coverage may contact the National Credit Union Administration’s Consumer Service hotline toll-free at 800-755-1030. The Center answers calls Monday through Friday between 8 a.m. and 5 p.m., Eastern Daylight Time. Individuals may also visit the MyCreditUnion.gov website at any time for more information about their insurance coverage.

 

An OFIR examination found that UCCU was operating in an unsafe and unsound manner and insolvent.

A federally insured, state-chartered credit union, UCCU operated one branch and served more than 200 members belonging to Catholic parishes in the Temperance/Erie area. Chartered in 1961, UCCU had deposits of approximately $303,000.

 

UCCU is the eighth federally insured credit union liquidation in 2012.

IR Press

Share
Published by
IR Press

Recent Posts

OCC Announces Enforcement Actions for November 2024

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released enforcement actions taken against…

2 days ago

Remarks by Secretary of the Treasury Janet L. Yellen on the 30th Anniversary of the Community Development Financial Institution Fund

As Prepared for Delivery Good afternoon. It’s an honor to welcome President Clinton to Treasury today…

3 days ago

Treasury Sanctions Gazprombank and Takes Additional Steps to Curtail Russia’s Use of the International Financial System

Treasury imposes sanctions on dozens of Russian banks, securities registrars, and finance officials; OFAC issues…

3 days ago

Acting Comptroller Testifies on State of the Federal Banking System

WASHINGTON—Acting Comptroller Michael J. Hsu today testified on the state of the federal banking system…

3 days ago

Remarks by Assistant Secretary for International Finance Brent Neiman on the U.S. Cross-Border Payments Agenda

As Prepared for Delivery Thank you very much for the opportunity to be here today, and…

5 days ago