Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Parsons Pittsburg CU, Kansas, conserved
ALEXANDRIA, Va. (1/27/14)--The Kansas Department of Credit Unions said it recently uncovered "unsafe and unsound" practices at Parsons Pittsburg CU that have moved the state regulator Friday to place the $13.5 million-asset credit union into conservatorship and name the National Credit Union Administration as agent to handle its daily operations. 
 
Parsons Pittsburg CU is a Kansas-chartered, federally insured credit union headquartered in Parsons, Kan. It is a community-chartered credit union serving those who reside or are employed within a 45-mile radius of Labette, Bourbon, Cherokee or Crawford counties . The credit union also operates a branch in Pittsburg, Kan.
 
While continuing normal member services, the department and NCUA will work to resolve issues affecting the credit union's safety and soundness. Members can continue to conduct normal financial transactions, deposit and access funds, make loan payments and use shares.
 
The credit union's Sept. 30, 2013, call report shows it has 1,470 members.
 
The regulators have prepared a Frequently-Asked-Questions document for members with questions about the conservatorship. Top among the items addresses is that the National Credit Union Share Insurance Fund continues to insure individual accounts at Parsons Pittsburg  up to $250,000 and that the NCUSIF has the backing of the full faith and credit of the U.S. government.
 
Use the resource link to access the FAQ.
Other Resources

FAQ for CU Members
RSS print
News Now LiveWire
Economic activity slowed in June, according to the #Chicago Fed's national activity index, released today #Market http://t.co/1pN6peM8my
12 hours ago
Money burns a hole in workers' pockets after payday, despite best intentions via @WSJeconomy http://t.co/A9SNiUdf9v
12 hours ago
"SAR Stats," new from #FinCEN, focuses on #bitcoin. See #NewsNow http://t.co/vS7iTwY2SW
13 hours ago
.@CFPB now accepts consumer complaints on prepaid cards, debt settlement services, credit repair services, and pawn and title loans.
14 hours ago
.@WellsFargo to process transactions in order received, not high to low http://t.co/g0jWJoegoJ
14 hours ago