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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.


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