ALEXANDRIA, Va. (2/11/13)--The National Credit Union Administration announced that it will continue normal member services while it works to address service and operational concerns at NCP Community Development FCU, of Norfolk, Va.
The NCUA assumed control of the small, $2 million-asset credit union Friday. The National Credit Union Share Insurance Fund insures individual accounts at NCP Community Development FCU up to $250,000.
NCP, currently with 709 member, has served a low-income community in the Hampton Roads area for 14 years. Members can continue to conduct financial transactions, including deposit and access funds, make loan payments and use shares.
The Federal Credit Union Act authorizes the NCUA to appoint itself conservator when necessary to conserve the assets of a federally insured credit union, protect members' interests, or protect the Share Insurance Fund.
NCP Community Development FCU is the first federally insured credit union placed into conservatorship in 2013.