ALEXANDRIA, Va. (12/13/13)--The National Credit Union Administration and Illinois Department of Financial and Professional Regulation have assumed control of service and operations at Bagumbayan CU, Chicago.
Great Lakes CU, North Chicago, and the NCUA will manage the credit union as the NCUA works to resolve issues affecting the institution's safety and soundness. Normal member services will continue uninterrupted, the NCUA said.
Bagumbayan CU is the fifth federally insured credit union placed into conservatorship this year.
The conservatorship follows an October cease and desist order. In that order, the agency requested that the credit union not allow unapproved officials to attend board meetings or perform managerial and operational functions, resolve recordkeeping issues and Bank Secrecy Act violations, and correct other issues.
The NCUA said it has not made decisions about the long-term future of the credit union. Continued credit union service for the members, however, is a priority, the agency said.
Bagumbayan CU was chartered in 1964, has assets of $55,140 and currently serves 44 members, according to the credit union's most recent Call Report.