Municipal Credit Union emerges from conservatorship

Municipal Credit Union, located in New York City, is once again under the control of its members after being released from conservatorship, the NCUA and New York State Department of Financial Services announced on Wednesday.

“I am thrilled to hear this wonderful news, and heartily congratulate Municipal Credit Union on the return of oversight to its members,” said William J. Mellin, New York Credit Union Association president/CEO. “I also applaud the hard work and dedication by all — the credit union’s leadership and staff, the NCUA and DFS — to restore Municipal Credit Union’s financial well-being so that it can continue to best serve the needs of its members.”

While member services continued uninterrupted, DFS temporarily took possession of Municipal Credit Union in May 2019 and appointed the NCUA as conservator to ensure the credit union’s financial stability and safe-and-sound operation.

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