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CDFI Saguache County CU placed under conservatorship
ALEXANDRIA, Va. (7/25/11)--The National Credit Union Administration (NCUA) assumed control of the operations of $17/7 million-asset Saguache County CU Friday. The credit union is a state-chartered and federally insured credit union, and headquartered in Moffat, Colo. The Commissioner of the Colorado Division of Financial Services appointed the NCUA as conservator for Saguache County and took that step due to the credit union’s declining financial condition. While continuing normal member services, the NCUA will work to resolve issues affecting the institution’s safety and soundness. Saguache County Credit Union was identified as a Community Development Financial Institution by the NCUA, and is described as a full-service credit union that serves the residents of Saguache County, Colo. Its 3,165 members can continue to conduct normal financial transactions at each of Saguache County’s three branch locations during the conservatorship. The Federal Credit Union Act authorizes the NCUA Board to accept appointment as conservator when necessary to conserve the assets of a federally insured credit union, protect members’ interests, or protect the NCUSIF. Saguache County is the ninth federally insured credit union placed into conservatorship during 2011.


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