Title : NCUA Closes Six Philadelphia-Area CUs
NCUA Closes Six Philadelphia-Area CUs
The National Credit Union Administration (NCUA) liquidated six federal credit unions in the Philadelphia, Pennsylvania, area.The six liquidated credit unions are Cardozo Lodge Federal Credit Union of Bensalem, Chester Upland School Employees Federal Credit Union of Chester, Electrical Inspectors Federal Credit Union of Bensalem, O P S EMP Federal Credit Union of Bensalem, Servco Federal Credit Union of Bensalem, and Triangle Interests % Service Center Federal Credit Union of Bensalem.
NCUA made the decision to liquidate the six federal credit unions and discontinue operations after determining the credit unions were insolvent and had no prospect for restoring viable operations.
According to NCUA, all six credit unions received management and recordkeeping services from Service Center for Credit Unions, Inc., in Bensalem.
NCUA will probably use these failures to once again call on Congress to grant the agency the same authority as other federal banking regulators to examine third-party service providers.
There have now been ten federally insured credit union liquidations in 2016.
Read the press release.
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