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Loan Growth Continues, Loan Losses Fall in Second Quarter

ALEXANDRIA, Va. (Sept. 3, 2015) – More than 101 million Americans had joined credit unions by the end of the second quarter of 2015, and the system continued to expand lending to meet those members’ needs, the National Credit Union Administration reported today.

“Across America, there’s a growing recognition that credit unions offer solid value to their members,” NCUA Board Chairman Debbie Matz said. “More people see credit unions as an affordable financial services alternative. Credit unions continue to increase lending while taking steps to shed certain investments that would pose risk when interest rates inevitably begin to rise. All these trends are signs of a robust system.”

NCUA released the new figures today based on Call Report data submitted to and compiled by the agency for the quarter ending June 30, 2015.

Membership Hits New High, as Steady Consolidation Continues

Membership in federally insured credit unions grew to 101,084,138 at the end of the second quarter of 2015, an increase of more than three million from the end of the second quarter of 2014.

The number of federally insured credit unions fell to 6,159 at the end of the second quarter, 270 fewer than at the end of the second quarter of 2014, a decline of 4.2 percent. The decline is consistent with longstanding trends for financial institutions.

Auto, Real Estate Lending Lead Loan Growth in Second Quarter

Total loans at federally insured credit unions reached $745.2 billion in the second quarter of 2015, an increase of 3.2 percent from the previous quarter and 10.6 percent from a year earlier.

Over the year ending in the second quarter of 2015, loans grew across all asset sizes and in every major category, including:

• New auto loans grew to $92.8 billion, up 3.9 percent from the previous quarter and up 19.5 percent from the second quarter of 2014.
• Used auto loans increased to $152.9 billion, up 3.8 percent from the previous quarter and up 13 percent from the second quarter of 2014.
• Total first mortgage loans outstanding reached $306.2 billion, up 3.1 percent from the previous quarter and up 9.6 percent from the second quarter of 2014. Fixed-rate first mortgage loans made up 59.3 percent of first mortgage loans outstanding at the end of the second quarter.
• Second mortgage loans were $72.2 billion, up 0.9 percent from the previous quarter and up 2.4 percent from the second quarter of 2014.
• Net member business loan balances grew to $54.4 billion, up 2.9 percent from the previous quarter and up 11.2 percent from the second quarter of 2014.
• Non-federally guaranteed student loans stood at $3.3 billion, down 0.6 percent from the previous quarter but up 13.5 percent from the second quarter of 2014.
• Payday alternative loans outstanding at federal credit unions were $35.2 million, up 18.2 percent from the previous quarter and up 18.8 percent from the second quarter of 2014.

The loans-to-shares ratio at the end of the second quarter was 75.5 percent, up 2.2 percentage points from the previous quarter and up 3.9 percentage points from the end of the second quarter of 2014. The ratio is nearing the system’s rolling 10-year average of 76.3 percent.

Investments Decline, and Credit Unions Better Prepared for Interest Rate Hikes

Overall, total investments by federally insured credit unions stood at $279 billion at the end of the second quarter, a decline of 4.2 percent from the end of the second quarter of 2014. Compared to a year earlier, investments declined in all categories except those with maturities of one to three years, which increased 16.3 percent from a year earlier, to $108.6 billion. Investments with maturities greater than 10 years dropped 29.6 percent from the second quarter of 2014, to $4.8 billion.

As credit unions continued their efforts to prepare for interest rate risk, the system’s net long-term assets ratio fell to 32.6 percent in the second quarter. Credit unions with less than $10 million in assets had the lowest net long-term asset ratio of any peer group at 11 percent. In comparison, credit unions with more than $500 million in assets had a ratio of 33.6 percent.

Credit Unions Report Positive Net Income for 22 Consecutive Quarters

Net income for federally insured credit unions was $2.4 billion in the second quarter, an increase of $96.1 million, or 4.2 percent, from the second quarter of 2014. As a whole, federally insured credit unions have recorded positive net income for 22 straight quarters.

This ongoing trend contributed to a rise in the system’s average net worth. The aggregate net worth ratio reached 10.92 percent at the end of the second quarter, up 16 basis points from a year earlier 

Delinquencies Tick Up as Charge-Offs Tick Down

The delinquency ratio at federally insured credit unions rose slightly in the second quarter, to 74 basis points, up from 69 basis points the previous quarter, but still well below the 85 basis-point level in the second quarter of 2014. The net charge-off ratio declined to an annualized 46 basis points year-to-date from 49 basis points at the end of the second quarter of 2014. 

The percentage of year-to-date loan charge-offs due to bankruptcy in the second quarter was 17.3, 198 basis points below the end of the second quarter of 2014.

Return on Average Assets at 81 Basis Points

Federally insured credit unions’ year-to-date return on average assets ratio stood at an annualized 81 basis points at the end of the second quarter, equal to the level in the second quarter of 2014. Overall, 77 percent of federally insured credit unions reported positive returns on average assets for the first half of 2015, compared to 74 percent in the first half of 2014.

Percentage of Well-Capitalized Credit Unions Rises

The great majority of federally insured credit unions remain well-capitalized, with 97.6 percent reporting a net worth ratio at or above the statutorily required 7 percent at the end of the second quarter. A year earlier, 97 percent of credit unions were well-capitalized. As of June 30, 2015, less than one percent of federally insured credit unions were undercapitalized.

Assets and Shares Grow During the Quarter

Total assets in federally insured credit unions grew to $1.17 trillion at the end of the second quarter of 2015, a rise of $64.9 billion, or 5.9 percent, from the end of the second quarter of 2014.

Overall, share and deposit accounts at federally insured credit unions increased $46.5 billion from the end of the second quarter of 2014 to $986.8 billion. Rate-sensitive money market accounts rose by $8.1 billion from the second quarter of 2014.  

Credit Unions over $500 Million Lead System Growth

Federally insured credit unions with more than $500 million in assets paced the system’s growth in most performance measures in the second quarter of 2015. With $827.8 billion in combined assets, these 467 credit unions held more than seven out of ten dollars of total system assets at the end of the quarter. This group of credit unions also reported the strongest growth in loans and membership and the highest return on average assets.

Credit unions with assets of less than $10 million recorded positive loan growth, and had a higher net worth ratio than other peer groups, but membership declined in the first half of 2015.

The table below provides a summary of federally insured credit unions’ current ratios and growth during the first half of 2015 by asset size for selected metrics: 

 

For more information about the performance of federally insured credit unions, NCUA makes the complete details of the June 2015 Call Report available online here. A summary of second-quarter performance is available here, and financial trends data for federally insured credit unions are available here.

Consumers Will Be First to Use New Technology, Credit Unions to Follow Soon

ALEXANDRIA, Va. (Sept. 10, 2015) – Resolving consumer complaints will be easier and more efficient thanks to improved online Consumer Assistance Center technology launched today by the National Credit Union Administration.

Starting today, consumers will be able submit inquiries, complaints and additional documentation online through a secure portal. For the first time, they will also be able to check the status of their complaints online. The online Consumer Assistance Center portal will be located on the agency’s consumer website, MyCreditUnion.gov (opens new window).

NCUA also implemented new complaint resolution procedures that improve and streamline how the agency handles consumer complaints involving federal consumer financial protection laws and regulations.

Under the new complaint handling procedures, a complaint filed with the Consumer Assistance Center involving a federal consumer financial protection matter will be sent to the credit union, which will have 60 days to resolve the problem and inform the agency of the outcome. If the complaint remains unresolved, the Consumer Assistance Center may begin its own investigation to determine compliance with federal consumer financial protection laws and regulations.

NCUA informed federally insured credit unions about these improvements in a Letter to Credit Unions in June.

As the rollout of the new online Consumer Assistance Center portal continues in the coming weeks, credit unions also will be able to use the portal to submit complaint response information securely and check the status and number of complaints concerning their institutions. Credit unions’ use of the portal will be voluntary.

The agency plans to release a video for credit unions explaining how to use the online Consumer Assistance Center portal and the new complaint resolution process. NCUA will also host a webinar for credit unions about the portal and other federal consumer financial protection matters in October.

Median Asset and Deposits Growth Up, Median Delinquency Rates Down

ALEXANDRIA, Va. (Sept. 10, 2015) – Median loan growth in federally insured credit unions was 4 percent during the year ending June 30, 2015, according to state-level data compiled by the National Credit Union Administration.

Nationally, four-quarter median growth in assets and in shares and deposits were both up moderately from the four quarters ending in June 2014, while median delinquency rates declined slightly. Aggregate return on average assets in the first half of 2015 held steady from the same period a year ago. Credit union membership increased over the year, concentrated in larger credit unions. Overall, 52 percent of federally insured credit unions had fewer members at the end of the second quarter of 2015 than a year earlier.

The
NCUA Quarterly U.S. Map Review, available
here, tracks performance indicators for federally insured credit unions in the 50 states and the District of Columbia. The review also includes information on two key state-level economic indicators: unemployment rates and home price changes.

Alaska and Idaho Show Highest Median Loan Growth Rates
Nationally, median growth in loans outstanding was 4 percent during the year ending in the second quarter of 2015, up from 3.2 percent in the year ending in the second quarter of 2014. The highest median growth rates for loans were in Alaska (13.4 percent) and Idaho (11.3 percent). Arkansas (-1.2 percent) was the only state in which median loan growth was negative.

Median Loan-to-Share Ratio Increases Slightly
Nationally, the median ratio of loans outstanding to total shares and deposits was 60 percent at the end of the second quarter of 2015, compared to 58 percent at the end of the second quarter of 2014. The median loan-to-share ratio was highest among credit unions in Idaho (87 percent) and Maine (79 percent). The median loan-to-share ratio was lowest in Hawaii (41 percent) and Delaware (44 percent).

Median Asset Growth Rate 1.9 Percent; Idaho and Alaska Strongest
Median asset growth was 1.9 percent nationally in the year ending in the second quarter of 2015, up from 1.3 percent a year earlier. Median asset growth was highest in Idaho (6.9 percent), followed by Alaska (5.5 percent). New Jersey (-0.5 percent) and Pennsylvania (-0.2 percent) had negative median asset growth over the year.

Utah and Washington Post Highest Returns on Average Assets
Nationally, the annualized aggregate return on average assets at federally insured credit unions was 81 basis points during the first half of 2015, matching the aggregate return on average assets from a year earlier. The aggregate return on average assets was positive in every state during the first half of 2015.
Utah (140 basis points) had the highest aggregate return, followed by Washington (110 basis points). New Jersey (23 basis points) and Connecticut (34 basis points) posted the lowest aggregate returns on average assets.

Median Shares and Deposits Growth Up; New Hampshire and Alaska Lead
Nationally, federally insured credit unions’ median growth rate for shares and deposits was 1.8 percent in the year ending in the second quarter of 2015, up from 1.2 percent during the previous year. New Hampshire (5.6 percent) and Alaska (5.1 percent) showed the highest median growth rates for shares and deposits. At the median, shares and deposits fell in New Jersey (-0.7 percent), the District of Columbia (-0.4 percent), Delaware (-0.4 percent) and Pennsylvania (-0.2 percent).

Median Total Delinquency Rate Declines from 2014
The median delinquency rate at federally insured credit unions was 0.8 percent nationally in the second quarter of 2015, down from 0.9 percent a year earlier. New Hampshire and Colorado (both 0.3 percent) had the lowest median delinquency rates, while the District of Columbia and New Jersey (both 1.6 percent) posted the highest rates.

Membership Growth Occurring Primarily in Larger Credit Unions
Overall membership in federally insured credit unions continued to grow in the year ending in the second quarter of 2015, and that growth tended to be concentrated in larger institutions. The median membership growth rate was negative 0.3 percent. Nationally, 52 percent of federally insured credit unions had fewer members than a year earlier. Credit unions with falling memberships tend to be small; about 75 percent had assets of less than $50 million.
 
Alaska (3.9 percent) had the highest median membership growth rate, followed by Idaho (2.7 percent). Median membership growth was negative in 21 states, with Pennsylvania (-2.1 percent) ranking lowest.

New Training Online Series Outlines the Keys to Effective Board Leadership

ALEXANDRIA, Va. (Sept. 11, 2015) – Credit union board members will be able to find valuable information to help them be more successful in a new video series being offered by the National Credit Union Administration.

“I encourage both new and experienced credit union directors to watch this series; I think they will find it offers good advice aimed at helping them to be better leaders,” NCUA Board Chairman Debbie Matz said. “Through our Office of Small Credit Union Initiatives, NCUA offers training to directors to strengthen credit unions and the system overall.”

The seven-part video series is designed specifically for directors of small and medium-sized credit unions, although any director can find the series helpful. The first installment, “What Every Board of Directors Should Know,” covers topics including:

• Developing a sound governance program,
• Traits of effective and ineffective chairmen, and
• Evaluating and supporting the manager.

NCUA’s Office of Small Credit Union Initiatives fosters credit union development and the effective delivery of financial services for small credit unions, new credit unions, minority depository institutions and credit unions with a low-income designation.

ALEXANDRIA, Va. (Sept. 15, 2015) – National Credit Union Administration Board Chairman Debbie Matz today announced the selection of Ralph Monaco as the agency’s Chief Economist.

“Those who have worked with Ralph know that he is well-suited to assume the Chief Economist position,” Matz said. “As the senior economist at NCUA for the last four years, Ralph has demonstrated superb skills and a strong commitment to accurate, comprehensive economic analysis. I congratulate Ralph and am confident NCUA and the credit union system will benefit from his briefings and recommendations.”

Monaco joined NCUA as a senior economist in 2011. He succeeds John Worth, who left the agency in August.

Prior to joining NCUA, Monaco was Director of the Office of Macroeconomic Analysis in the Office of Economic Policy at the U.S. Treasury Department. He also has served at the President’s Council of Economic Advisers and the U.S. Agriculture Department. He has worked as a researcher at the University of Maryland and was an adjunct member of the graduate faculty at the university’s economics department.

Monaco holds a doctorate in economics from the University of Maryland and a bachelor’s degree, with highest honors, from the College of William and Mary.

NCUA’s Office of the Chief Economist supports NCUA’s safety and soundness goals by developing and distributing economic intelligence, including NCUA’s Economic Update video series (opens new window)and the NCUA Quarterly U.S. Map Review. The office also enhances NCUA’s understanding of emerging microeconomic and macroeconomic risks by producing meaningful and robust modeling and risk identification tools and participating in agency and interagency policy development.

Recoveries in Securities Cases Reach More than $1.9 Billion

ALEXANDRIA, Va. (Sept. 16, 2015) – The National Credit Union Administration today announced acceptance of an offer of judgment for $129.6 million from the Royal Bank of Scotland to resolve claims arising from losses related to purchases of residential mortgage-backed securities by Members United and Southwest corporate credit unions. 

“NCUA has a statutory obligation to secure recoveries for credit unions and ensure that consumers remain protected,” NCUA Board Chairman Debbie Matz said. “We can assure stakeholders that we will continue to aggressively pursue recoveries against Wall Street firms that contributed to the corporate crisis. Each recovery as well as our ongoing lawsuits further NCUA’s goal of minimizing the losses of the corporate crisis and future costs to credit unions.”

NCUA has now obtained more than $1.9 billion in legal recoveries. NCUA uses the net proceeds to reduce Temporary Corporate Credit Union Stabilization Fund assessments charged to federally insured credit unions to pay for the losses caused by the failure of five corporate credit unions.

NCUA still has litigation pending in federal courts in Kansas and California against Royal Bank of Scotland for sales of faulty residential mortgage-backed securities to U.S. Central and Wescorp. The agency also has lawsuits pending against Goldman Sachs, Wachovia, UBS, Barclays, Credit Suisse and Morgan Stanley based on the sale of faulty securities, causing the collapse of five corporate credit unions. NCUA was the first federal regulatory agency for depository institutions to recover losses from investments in these securities on behalf of failed financial institutions.

Board Action Bulletin

The NCUA Board approved the conservatorship of Bethex Federal Credit Union, Bronx, New York.

The NCUA Board approved acceptance of the appointment as conservator of Montauk Credit Union, located in New York, New York.

The NCUA Board considered a two other supervisory matters that remain confidential at this time.

NCUA tweets all open Board meetings live. Follow

@TheNCUA (opens new window) on Twitter, and access Board Action Memorandums and NCUA rule changes at

www.ncua.gov. NCUA also live streams, archives and posts

videos of open Board meetings online.

Board Action Bulletin

Matz Will Propose Streamlining Community Charter Approvals

ALEXANDRIA, Va. (Sept. 17, 2015) – The National Credit Union Administration Board convened its eighth open meeting of 2015 at the agency’s headquarters today and unanimously approved four items:

• A final rule and policy statement raising the asset ceiling of a “small entity” to $100 million, providing special consideration for regulatory relief in future rulemakings to 76 percent of all federally insured credit unions.
• A request from Charlotte Metro Federal Credit Union, of Charlotte, North Carolina, to expand its community charter.
• A final rule giving corporate credit unions greater flexibility to provide bridge loans to credit unions awaiting funds from the Central Liquidity Facility, thereby expediting access to needed liquidity.
• A final rule adjusting civil monetary penalties for inflation, as required by federal law.

The Chief Financial Officer briefed the Board on the performance of the Temporary Corporate Credit Union Stabilization Fund, based on the best available preliminary and unaudited information. The Corporate Stabilization Fund remained in a positive net position.

Updated Definition of “Small” Means Relief for Hundreds More Credit Unions
More than three-quarters of all federally insured credit unions will be classified as small entities under the final rule (Part 791) and interpretive ruling and policy statement (IRPS 15-1) approved by the NCUA Board.

The Board’s action raises the asset ceiling for a “small” credit union from $50 million to $100 million under the Regulatory Flexibility Act. The change makes an additional 733 federally insured credit unions eligible for special consideration of regulatory relief in future rulemakings and assistance from NCUA’s Office of Small Credit Union Initiatives, including training and consulting. In all, 4,690 federally insured credit unions will be classified as small.

“The asset ceiling for small credit unions is now 10 times higher than when I became Chairman in 2009 and 100 times higher than when I first joined the Board in 2002,” NCUA Board Chairman Debbie Matz said. “When I returned to the Board, CEOs of small credit unions told me the definition hadn’t kept pace with credit union trends, so updating this definition became part of my Regulatory Modernization Initiative.”

Matz said the Board considered even higher thresholds, as some advocated, but determined they would be difficult to justify with economic data.

“In today’s credit union system, an asset threshold above $100 million is the logical floor for complex credit unions, and our data analysis shows a threshold under $100 million meets the modern definition of a small credit union,” Matz said. “If we had chosen the same small entity threshold of $550 million as the banking industry is required by law to do, we would have created five times the asset exposure to the National Credit Union Share Insurance Fund.”

In approving the $100 million asset ceiling, the NCUA Board analyzed a wide range of metrics, including growth rates for assets, deposits, loans and membership; the ratio of operating costs to assets; and merger and liquidation rates.

The final rule, available online
here (opens new window), will become effective 60 days after publication in the
Federal Register.  Pursuant to the agency’s rolling three-year regulatory review, the NCUA Board will reconsider the small credit union threshold in 2018.

Corporate Stabilization Fund Remains in Positive Net Position
For the quarter ending June 30, 2015, the Corporate Stabilization Fund’s net position increased by $183.8 million to a positive $475 million.

The increase included a $107.3 million recovery related to the sale of several securities originally held by failed corporate credit unions. It also included a $65.6 million reduction in provisioning for insurance losses as a result of continuing improvements in projected cash flows relating to the legacy assets that secure the NCUA Guaranteed Notes.

“The Corporate Stabilization Fund has now recorded a positive net position for five straight quarters, and that’s a testament to sound management,” Matz said. “We’re on the right course, one that has significantly minimized the sizable costs of the corporate resolution. If the projections over the last several quarters hold, credit unions should not have to pay further assessments during the Corporate Stabilization Fund’s remaining six years.”

Congress created the Corporate Stabilization Fund in May 2009 to ease the immediate impact on the credit union system of the cost of resolving the corporate credit union crisis. By law, the fund is scheduled to expire in June 2021.

While the Corporate Stabilization Fund continues to have a positive net position, no funds are available to provide federally insured credit unions with an immediate rebate. NCUA must first repay outstanding borrowings from the U.S. Treasury.

Outstanding borrowings by the Corporate Stabilization Fund from the U.S. Treasury remained at $2.6 billion at the end of the second quarter. In August after the quarter closed, however, NCUA used available cash to pay $300 million towards that borrowing. The payment reduced the balance of outstanding borrowings to $2.3 billion.

Future changes in the economy or the performance of the legacy assets are likely to change the value of the assets NCUA and the Corporate Stabilization Fund can eventually access at the end of the NCUA Guaranteed Notes Program.

Charlotte Metro Expansion Approved as Matz Calls for Streamlining Community Charter Application Process
Nearly 2.4 million people living in seven counties in North Carolina and three in South Carolina will have a new choice for affordable financial services after the NCUA Board approved a request from Charlotte Metro Federal Credit Union to expand its community charter.

In supporting the application, Matz said she will seek a policy change to streamline the process for approving community charters. Matz said her proposed change could trim two months from the process for applications for communities with more than 1 million residents.

“Our intention has been to focus on each credit union’s ability and commitment to reach out to its entire community, particularly low-income residents and underserved areas,” Matz said. “Federal credit unions are accounting for diverse demographics and offering targeted products and services to meet the needs of these residents, so I believe it’s time to remove the NCUA Board from the approval process.”

NCUA Board approval is required for community charters to serve a population of more than 1 million. Matz proposed delegating that authority to NCUA’s Office of Consumer Protection. The delegation will require a Board vote at an upcoming open meeting.

Originally chartered in 1962, Charlotte Metro initially served Charlotte city employees. The credit union grew through a series of expansions and a merger and became a community charter in 2001. In 2008, the credit union converted to a federal charter. According to its most recent Call Report, Charlotte Metro serves 45,094 members and has assets of $342.1 million.

The full-service credit union will now be able to serve people who live, work, worship, volunteer or attend school in Cabarrus, Gaston, Iredell, Lincoln, Mecklenburg, Rowan and Union counties in North Carolina and Chester, Lancaster and York counties in South Carolina.

Final Rule Gives Corporates More Flexibility Making CLF-Related Bridge Loans
Corporate credit unions will have greater flexibility to serve consumer credit unions under a final rule (Part 704) approved by the Board.

“This is truly a win-win,” Matz said. “It’s a win for corporate credit unions providing a valuable service to their members and a win for consumer credit unions that can get liquidity immediately, instead of waiting up to 10 days.”

Matz noted that suggestions from credit unions prompted the new rule. Every comment received by the agency supported the proposed rule without any changes. The proposed rule was adopted without amendment.

The rule will exclude Central Liquidity Facility-related bridge loans from the aggregate unsecured lending cap to one borrower that applies to corporate credit unions. Central Liquidity Facility loans are funded by borrowings from the Federal Financing Bank. An advance from the Federal Financing Bank can take up to 10 business days, creating a lag between when the Central Liquidity Facility loan is approved and when it is funded.

Under the new rule, corporate credit unions could make bridge loans for up to 10 business days to provide interim funding to Central Liquidity Facility borrowers, allowing them to receive funds expeditiously. A bridge loan would be repaid to a corporate credit union when the Central Liquidity Facility funds the member credit union’s advance.

In recognition of the low risk and to ensure a corporate credit union is not unduly prevented from lending to very large consumer credit unions, the rule excludes those loans from the calculation of “net assets” and “net risk weighted assets” for determining minimum capital requirements.

The final rule, available online
here (opens new window), will become effective 30 days after publication in the
Federal Register.

Federal Law Requires Adjusting Maximum Civil Monetary Penalties for Inflation
The NCUA Board approved a final rule (Part 747) amending its regulations to adjust the maximum amount of civil monetary penalties within its jurisdiction for inflation.

“I view civil monetary penalties as a last resort, and NCUA has never charged the maximum penalty,” Matz said. “Since we announced the policy of assessing civil monetary penalties for late Call Report filers, the number of late filers has dropped from nearly 1,100 to 25. So, the penalties are working as intended, as a deterrent. It’s also important to know the proceeds from these penalties go to the U.S. Treasury, not NCUA.”

Under federal law, every federal agency periodically must adjust civil monetary penalties to account for the rate of inflation. Because the process is mandatory and the law gives agencies no discretion in calculating the adjustments, the Administrative Procedure Act allows NCUA to issue a final rule without public comment.

The final rule, available online
here (opens new window), will become effective upon publication in the
Federal Register.

NCUA tweets all open Board meetings live. Follow

@TheNCUA (opens new window) on Twitter, and access Board Action Memorandums and NCUA rule changes at

www.ncua.gov. NCUA also live streams, archives and posts

videos of open Board meetings online.

Member Deposits Insured up to $250,000, Member Services Uninterrupted

ALEXANDRIA, Va. (Sept. 18, 2015) – The National Credit Union Administration today placed Bethex Federal Credit Union in Bronx, New York, into conservatorship.

Normal member services at the credit union’s office at 20 East 179th Street in Bronx will continue uninterrupted. NCUA placed Bethex into conservatorship to enable the credit union to continue regular operations with experienced management in place and correct previous operational weaknesses. While continuing normal member services, NCUA will work to resolve issues affecting Bethex Federal Credit Union’s safety and soundness.

Member deposits at Bethex Federal Credit Union remain federally insured by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund 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.

Members who have questions about the conservatorship may review the Bethex Federal Credit Union Frequently Asked Questions document attached to this release and available online.

Chartered in 1970, Bethex Federal Credit Union serves multiple occupational and associational groups and communities primarily located in Bronx. Bethex Federal Credit union has 5,584 members and $12,951,096 in assets, according to the credit union’s most recent Call Report.

Depósitos de socios asegurados hasta $250,000, servicios ininterrumpidos para socios

ALEXANDRIA, Va. (18 de septiembre de 2015) – Hoy, la Administración Nacional de Cooperativas de Ahorro y Crédito colocó a la Cooperativa de Ahorro y Crédito Federal Bethex en Bronx, Nueva York, en sindicatura.

Los servicios habituales para socios en la oficina de la cooperativa de ahorro y crédito en 20 East 179th Street en Bronx seguirán sin interrupciones. La NCUA colocó a Bethex en sindicatura para permitir que la cooperativa de ahorro y crédito continúe sus operaciones regulares bajo una administración con experiencia y pueda corregir las debilidades operativas anteriores. Mientras continúa brindando los servicios habituales a los socios, la NCUA trabajará para resolver los problemas que afectan la seguridad y solidez de la Cooperativa de Ahorro y Crédito Federal Bethex.

Los depósitos de los socios en la Cooperativa Federal de Ahorro y Crédito Bethex permanecen con seguro federal del Fondo Nacional de Seguro de Depósitos de Cooperativas de Ahorro y Crédito. Administrado por la NCUA, el Fondo de seguro de depósitos asegura cuentas individuales de hasta $250,000 y el interés de un socio en todas las cuentas conjuntas combinadas por hasta $250,000. El Fondo de seguro de depósitos además protege cuentas de jubilación IRA y KEOGH de hasta $250,000. El Fondo de seguro de depósitos cuenta con el respaldo de la plena confianza y el crédito del gobierno de los Estados Unidos.

Los socios que tengan dudas sobre la sindicatura pueden consultar el documento con preguntas frecuentes de la Cooperativa de Ahorro y Crédito Federal Bethex que se adjunta en este comunicado y está disponible en línea aquí.

Autorizada en 1970, la Cooperativa de Ahorro y Crédito Federal Bethex brinda servicios a múltiples comunidades y grupos ocupacionales y de asociaciones ubicados principalmente en Bronx. La Cooperativa de Ahorro y Crédito Federal Bethex posee 5,584 socios y activos por $12,951,096, según el informe financiero más reciente de la cooperativa de ahorro y crédito.