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News Now

Washington
Tiny Interfaith FCU closed
ALEXANDRIA, Va. (9/18/08)—Interfaith FCU of East Orange, N.J., had approximately $388,000 in assets and 370 when it was closed by the National Credit Union Administration (NCUA) recently. It is the tenth federal credit union to be closed by the agency this year. Announcing the liquidation Wednesday, the NCUA said its Asset Management and Assistance Center will issue checks within a week to individuals holding verified share accounts. The agency reiterated that the members’ deposits are insured to at least $100,000 on regular accounts and $250,000 on certain retirement accounts through the NCUA National Credit Union Share Insurance Fund. The federal regulator liquidated Interfaith FCU and discontinued its operations after determining the credit union is insolvent and has no prospects of restoring viable operations. The credit union was chartered in 1982 to serve New Hope Baptist Church.


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