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Member Deposits Remain Protected to $250,000, Member Services Uninterrupted

ALEXANDRIA, VA. (Feb. 1, 2016) – Montgomery County Credit Union of Dayton, Ohio, has merged into Bridge Credit Union of Columbus, Ohio, effective Jan. 31, the National Credit Union Administration announced today.

The new Bridge Credit Union members should experience no interruption in services, and member deposits remain protected 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 can contact Bridge Credit Union by telephone at 614-466-4988 or in person at the credit union’s main office at 1980 West Broad Street, Columbus. Bridge Credit Union is open Monday through Friday from 8 a.m. to 4 p.m. Members can continue to transact business at both former Montgomery County Credit Union branch locations in Dayton at 409 East Monument Avenue (937-224-4050) and 2222 Philadelphia Drive (937-278-2612).

Bridge Credit Union is a federally insured, state-chartered credit union that, prior to the merger, served 7,714 members and had assets of $52,161,421, according to the credit union’s most recent Call Report.

The Superintendent of the Ohio Division of Financial Institutions placed Montgomery County Credit Union into conservatorship on April 23, 2015, and appointed NCUA as agent for the conservator. The two agencies worked together to address issues affecting the credit union’s safety and soundness and determined that merging Montgomery County Credit Union into Bridge Credit Union was in the best interests of the members.

At the time of the merger, Montgomery County Credit Union was a federally insured, state-chartered credit union with 6,254 members and assets of $26,502,980, according to the credit union’s most recent Call Report. Chartered in 1963, Montgomery County Credit Union served anyone who lived, worked, worshiped or attended school in Montgomery County, Ohio.

RICHARDSON, Texas (Feb. 2, 2016) – Texans Credit Union, a state-chartered, federally insured credit union operating under the conservatorship of the National Credit Union Administration, posted year-end 2015 net income of $26.63 million, marking 48 consecutive months of positive earnings.

The credit union reported this was the strongest year-over-year financial performance in Texans’ 62-year history.

“Texans’ continued success is due to the credit union’s refocusing the institutional culture on service to its members,” said C. Keith Morton, NCUA Region IV Director and Agent for the Conservator. “This organizational shift is increasing operational efficiencies and improving the credit union’s infrastructure to better serve its membership.”

During the year, Texans repaid the remaining $40 million of Section 208 assistance, including interest, to the National Credit Union Share Insurance Fund three years ahead of schedule. Section 208 of the Federal Credit Union Act authorizes NCUA to provide assistance to a credit union to protect the Share Insurance Fund or the interests of a credit union’s members. Texans’ net worth ratio at year’s end was 3.48 percent, excluding subordinated debt, an increase of 181 basis points from the prior year-end. Total assets at the end of the year remained steady at more than $1.45 billion.

NCUA placed Texans into conservatorship in April 2011 to address service and operational weaknesses. Since then, NCUA, the management team and Texans’ employees have worked to improve the credit union’s financial condition and services for the credit union’s 111,000 members. Deposits at Texans Credit Union remain protected by the National Credit Union Share Insurance Fund.

Chartered in 1953, Texans operates 13 branches in the Dallas metropolitan area. Membership is open to individuals and their family members who live, work or attend school in Collin, Dallas, Grayson, Rockwall, Travis, Williamson counties and parts of Denton County. Texans also serves employees of various companies in the credit union’s field of membership, including Texas Instruments, Raytheon and Ericsson. For more information, visit www.texanscu.org (opens new window).

Member Accounts Remain Protected by the Share Insurance Fund

ALEXANDRIA, Va. (Feb. 3, 2016) – In the four months since Montauk Credit Union of New York, New York, was placed into conservatorship, the credit union has taken several steps to address financial and management issues affecting the safety and soundness of its operations.

Montauk is a federally insured, state-chartered credit union with assets of $162.1 million and 2,830 members, according to its year-end Call Report posted today. The New York State Department of Financial Services placed Montauk into conservatorship on Sept. 18, 2015 and appointed the National Credit Union Administration as conservator.

As of Dec. 31, Montauk reported a net worth of $2.8 million and a net worth ratio of 1.74 percent, which the Federal Credit Union Act classifies as critically undercapitalized. Total shares and deposits were $158.2 million. The allowance for loan losses increased from $5.5 million to $21.9 million during the quarter, and net loans were $143.8 million at the end of the quarter.

Among other steps taken during the conservatorship, Montauk worked with members, where appropriate, to address identified issues. As a result, the credit union has modified $60.6 million in loans. The credit union hired experienced loan workout specialists to assist with its collections process. The credit union also retained professional accounting guidance to determine the adequacy of its allowance for loan and lease losses.

During conservatorship, Montauk’s member services remain undisrupted so members can continue to conduct normal financial transactions, deposit and access funds, make loan payments and use shares.

Deposits at Montauk Credit Union remain protected by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts at Montauk Credit Union up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance 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. No member of a federally insured credit union has ever lost a penny of insured savings.

Member Deposits Remain Protected to $250,000; Member Services Uninterrupted

ALEXANDRIA, Va. (Feb. 4, 2016) – The Superintendent of the Ohio Division of Financial Institutions today placed Cory Methodist Church Credit Union, of Cleveland, into conservatorship and appointed the National Credit Union Administration as conservator.

Deposits at Cory Methodist Church Credit Union remain protected 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.

The Superintendent placed Cory Methodist Church Credit Union into conservatorship because of unsafe and unsound practices at the credit union. While continuing normal member services, NCUA will work to resolve issues affecting the credit union’s operations.

Members can conduct normal financial transactions at Steel Valley Federal Credit Union, 3840 Pearl Road, Cleveland. Steel Valley Federal Credit Union is open for business Monday, Tuesday and Thursday from 9 a.m. to 4 p.m. and Wednesday from noon to 4 p.m. Friday hours are from 10 a.m. to 6 p.m. Saturday hours are from 9 a.m. to 12:30 p.m. Members may also call Steel Valley Federal Credit Union at 216-741-9430.

Cory Methodist Church Credit Union is a federally insured, state-chartered credit union with a low-income designation that has 710 members and assets of $1.6 million, according to the credit union’s most recent Call Report. Chartered in 1958, Cory Methodist Church Credit Union serves specific geographic boundaries of Glenville and Mt. Pleasant, Ohio, areas and includes multiple churches and select employee groups.

Members who have questions about the conservatorship may review the Cory Methodist Church Credit Union Frequently Asked Questions document attached to this release and available online here (opens new window).

Member Deposits Protected up to $250,000 by Share Insurance Fund

ALEXANDRIA, Va. (Feb. 5, 2016) – The Wisconsin Office of Credit Unions today served an order of liquidation on CTK Credit Union of Milwaukee and immediately appointed the National Credit Union Administration as liquidating agent.

Member deposits are 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.

NCUA’s Asset Management and Assistance Center will issue correspondence in the near future to members holding verified share accounts at CTK Credit Union. Members with additional questions about their insurance coverage may contact the Asset Management and Assistance Center toll-free at 877-715-0777 Monday through Friday between 8 a.m. and 5 p.m., Central. Members may also visit the MyCreditUnion.gov (opens new window)website at any time for more information about their insurance coverage.

The Wisconsin Office of Credit Unions made the decision to liquidate CTK Credit Union and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.

CTK Credit Union was a federally insured, state-chartered credit union that served 397 members and had assets of $163,197, according to the credit union’s most recent Call Report. Chartered in 2004, CTK Credit Union served congregants of Christ the King Baptist Church of Milwaukee.

CTK Credit Union is the first federally insured credit union liquidation in 2016.

Feb. 16 Conversation on #NCUAChat Will Discuss Savings Strategies

ALEXANDRIA, Va. (Feb. 10, 2016) – Credit unions and their members can share ideas on saving money and building financial security during the National Credit Union Administration’s live Twitter chat on Tuesday, Feb. 16, beginning at 11 a.m. Eastern.

Credit unions and consumers can follow @MyCUgov (opens new window) and join the conversation using the #NCUAChat hashtag on Twitter. Participants can submit questions in advance to [email protected].

Kenneth Worthey, Financial Literacy and Outreach Analyst with NCUA’s Office of Consumer Protection, will be joined by staff from the Consumer Federation of America (opens new window) to discuss national savings rates, provide tips on developing healthy savings habits and identify resources to help maximize your savings.

The Twitter chat precedes America Saves and Military Saves Week, which both run Feb. 22–27. NCUA has online information about America Saves (opens new window) and Military Saves Week (opens new window) to help credit unions plan. Additional resources are available on NCUA’s consumer website, MyCreditUnion.gov (opens new window), and the agency’s financial literacy site, Pocket Cents (opens new window), including more information about saving, borrowing and managing credit. NCUA’s consumer Twitter feed, @MyCUgov (opens new window), also offers personal finance tips covering a wide range of topics throughout the year. Credit unions may link to and use these resources.

America Saves Week and Military Saves Week are national campaigns that bring together government, nonprofits and companies to encourage individuals and families to save and build personal wealth. America Saves Week is coordinated by America Saves (opens new window) and the American Savings Education Council (opens new window). Military Saves (opens new window) is part of the Defense Department’s Financial Readiness Campaign. Managed by the Consumer Federation of America (opens new window), both programs encourage saving, reducing debt and building wealth.

Credit unions can partner with local savings campaigns and consumer organizations to offer motivational workshops and obtain posters, brochures and other resources. Credit unions can learn more about American Saves activities here (opens new window) and Military Saves activities here (opens new window).

Under the Federal Credit Union Act, promoting financial literacy is a core credit union mission. While credit unions serve the needs of their members and promote financial literacy within the communities they serve, NCUA works to reinforce credit union efforts, raise consumer awareness and increase access to credit union services. NCUA also participates in national financial literacy initiatives, including the Financial Literacy and Education Commission, an interagency group created by Congress to improve the nation’s financial literacy and education.

Read the Latest Issue of NCUA’s Monthly Newsletter

ALEXANDRIA, Va. (Feb. 16, 2016) – In the process of building smarter and more secured ATMs, could the methods consumers use to access their money evolve in ways never considered just a few years ago?

An article by the National Credit Union Administration’s Office of National Examinations and Supervision examines this question and the future of ATMs in the February 2016 issue of The NCUA Report newsletter, now available online. (opens new window)

The latest issue of the agency’s newsletter also features columns from NCUA Board Chairman Debbie Matz and Board Member J. Mark McWatters. Additionally, it contains articles from several NCUA offices on the agency’s initiatives and information on supervisory, regulatory and compliance issues that are important to all federally insured credit unions.
Other articles include:

• Chairman’s Corner: You’ve Got to Be in It to Win It!
• America Saves and Military Saves Week Runs February 22–27
• Board Member McWatters’ Perspective: Creating a Fair and Balanced Approach to Regulation
• Board Actions: NCUA Invites Comments on Methodologies for Overhead Transfer Rate, Operating Fee
• What to Know If Your Credit Union Holds MSB Accounts
• 2016 Examinations Will Focus on Greatest Potential Risks
• 2016 Regulatory Review List Now Available on NCUA.gov
• Deadline to Register for the CUSO Registry is March 31

Published monthly, The NCUA Report is NCUA’s flagship publication. The newsletter highlights important Board actions and key issues that credit union managers, staff and volunteers need to know. Interested readers can subscribe to the online version of the newsletter here (opens new window). Previous issues of The NCUA Report are available online at http://go.usa.gov/cghah (opens new window).

ALEXANDRIA, Va. (Feb. 16, 2016) – The video recording of the January 2016 open meeting of the National Credit Union Administration Board is now available on the agency’s website.

Archived videos of past Board meetings may be viewed here, and each video remains on the site for one year.

At the January open meeting, the NCUA Board unanimously approved issuing three items for public comment, including the agency’s:

• Methodology for calculating the annual Overhead Transfer Rate;
• Methodology for calculating the annual Federal Credit Union Operating Fee; and
• Proposed 2017–2021 Strategic Plan describing NCUA’s strategic goals in the areas of safety and soundness, consumer protection and financial literacy, and workforce development and diversity.

The Board also unanimously approved technical amendments to the agency’s regulations to reflect changes in the function and reporting responsibilities of the Office of Minority and Women Inclusion.

NCUA posts these videos as part of the agency’s ongoing efforts to provide transparency and to allow those unable to attend Board meetings the opportunity to become better informed. An interval between the meeting and posting is necessary for the videos to comply with Section 508 of the Rehabilitation Act for the hearing and visually impaired.

The Board Actions page of NCUA’s website has more information, including Board agendas, which are posted at least one week in advance of each open meeting, copies of Board Action Bulletins, which summarize the meetings, copies of Board memorandums and other documents.

Reports Cover Share Insurance Fund, Operating Fund, CLF and CDRLF

ALEXANDRIA, Va. (Feb. 16, 2016) – The National Credit Union Administration’s four permanent funds have again received unmodified, or “clean,” audit opinions for 2015, according to audited financial reports released today by the Office of the Inspector General.

The audited financial reports, prepared by the independent auditor KPMG LLP, cover the National Credit Union Share Insurance Fund, the agency’s Operating Fund, the Central Liquidity Facility and the Community Development Revolving Loan Fund.

“Year after year, the results of the independent audit confirm NCUA’s careful management of our permanent funds,” NCUA Board Chairman Debbie Matz said, “and each year the agency makes complete financial reports available as part of our ongoing commitment to transparency. Credit goes to all the staff members who work so hard to ensure the stability of the permanent funds.”

The Share Insurance Fund held more than $12.3 billion in total assets as of Dec. 31, 2015. The Share Insurance Fund protects member deposits up to $250,000 for more than 102 million consumers at more than 6,000 federally insured credit unions.

KPMG LLP completed the audits of all four permanent funds. KPMG expects to issue an opinion on the 2015 financial statements for the Temporary Corporate Credit Union Stabilization Fund in March. The Stabilization Fund earned a clean opinion for its 2014 audit.

The complete financial reports are available online here.

Agency Honored in Four Categories Recognizing Employees’ Efforts 

ALEXANDRIA, Va. (Feb. 17, 2016) – National Credit Union Administration employees pledged $101,179 to the 2015 Combined Federal Campaign of the National Capital Area, earning multiple honors from the world’s largest workplace giving campaign.

“NCUA’s employees are both dedicated public servants and model corporate citizens,” NCUA Board Chairman Debbie Matz said. “This year, the generosity of NCUA’s workforce exceeded our prescribed goal by more than 40 percent. The agency’s CFC pledge is making a significant difference in people’s lives locally, across the country and around the world.”

NCUA received awards from CFCNCA in four categories:

• The President’s Award, for reporting units with a 75 percent participation rate or per capita pledges to the campaign of at least $275. NCUA’s per capita pledge was $294.
• The Summit Award, for departments or agencies that achieve an increase of three percent in total dollars raised from the previous year. NCUA increased its contribution by more than 22.5 percent.
• The Participation Achievement Award, for entities that grow employee participation by at least two percent from the previous year. NCUA participation rose by 15 percent.
• The eGiving Award, for reporting units with at least a 10 percent increase in paperless pledges and a minimum of 10 paperless payroll donations. NCUA staff made 95 paperless donations.

NCUA staffers organized several fundraising events, including a chili cook-off, a bake sale, and an auction, during the pledge drive.

Coordinated by the Office of Personnel Management, the Combined Federal Campaign (opens new window) is the world’s largest annual workplace charity effort, with almost 200 campaigns throughout the country and overseas, raising millions of dollars each year. Pledges made by federal civilian, military and postal workers during the campaign season, which runs from Sept. 1 through Dec. 15, support eligible non-profit organizations providing health and human-service benefits.