Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Third strike for Phillys Borinquen FCU
ALEXANDRIA, Va. (7/11/11)--The National Credit Union Administration (NCUA) liquidated Borinquen FCU of Philadelphia Friday. In early June, Borinquen was the subject of a regulatory cease-and-desist order due to "serious and persistent record keeping problems" and failure to perform yearly audits, according to the NCUA. Later that month, the NCUA took control of the $7 million-asset credit union so its 8,600 members could continue to have access to their credit union’s services while it worked under NCUA management to resolve issues the agency said were affecting the safety and soundness of the institution. Borinquen was chartered in 1974 as a full-service financial institution to serve a low-income community in Philadelphia. It is the eleventh federally-insured credit union liquidation in 2011. Member deposits are federally insured by the National Credit Union Share Insurance Fund up to $250,000. NCUA’s Asset Management and Assistance Center will issue checks to individuals holding verified share accounts in the credit union within one week. Members with additional questions about their insurance coverage may contact the NCUA’s Consumer Assistance Center toll free at 800-755-1030. The center answers calls Monday – Friday between 8 a.m. and 6 p.m. (ET). Individuals may also visit the MyCreditUnion.gov website at any time for more information about their insurance coverage.


RSS print
News Now LiveWire
Stay tuned for coverage of @CUNA's BSA conference which starts Sunday. #CUNABSA #CUNACompliance
17 hours ago
Today's the last day to complete @CUNA's Home Depot data breach survey http://t.co/UcB8G9bVXe #StoptheDataBreaches
19 hours ago
Brenda Davis of Cross Roads Ministries will walk through 83 communities during the Ending Hunger Walking tour. (2 of 2)
20 hours ago
The Ending Hunger Walking tour, coordinated by the Maine CU League, kicked off at Old Maine CU in Augusta today. (1 of 2)
20 hours ago
Darwin Brokke of Citizens Community CU represented the #CU Association of Dakotas at a housing summit hosted by @SenatorHeitkamp
20 hours ago