People for People credit union taken over by Feds

The National Credit Union Administration? ? National Credit Union Administration Latest from The Business Journals SUN Credit Union gets OK for mergerAutotruck Credit Union converts to Kentucky chartereCo Credit Union acquires assets of Birmingham Financial C.U. Follow this company (NCUA) said late Friday that it assumed control of service and operations at People for People Community Development Credit Union (CDCU) in Philadelphia. While continuing normal member services, NCUA will work to resolve issues affecting the institution?s safety and soundness.

Deposits at People for People CDCU remain federally protected. Administered by NCUA, the National Credit Union Share Insurance Fund (NCUSIF) continues to insure individual accounts at People for People CDCU up to $250,000.

Service to People for People CDCU?s 1,561 members will continue uninterrupted. People for People CDCU serves an underserved 14.3 square mile area of north Philadelphia. The credit union reported assets of $1.1 million as of Sept. 30, 2011. CDCU is the first federally insured credit union placed into conservatorship during 2012.

The National Credit Union Administration? ? National Credit Union Administration Latest from The Business Journals SUN Credit Union gets OK for mergerAutotruck Credit Union converts to Kentucky chartereCo Credit Union acquires assets of Birmingham Financial C.U. Follow this company (NCUA) said late Friday that it assumed control of service and operations at People for People Community Development Credit Union (CDCU) in Philadelphia. While continuing normal member services, NCUA will work to resolve issues affecting the institution?s safety and soundness.

Deposits at People for People CDCU remain federally protected. Administered by NCUA, the National Credit Union Share Insurance Fund (NCUSIF) continues to insure individual accounts at People for People CDCU up to $250,000.

Service to People for People CDCU?s 1,561 members will continue uninterrupted. People for People CDCU serves an underserved 14.3 square mile area of north Philadelphia. The credit union reported assets of $1.1 million as of Sept. 30, 2011. CDCU is the first federally insured credit union placed into conservatorship during 2012.

Source: http://feedproxy.google.com/~r/bizj_national/~3/XaxopFShXfY/people-for-people-credit-union-taken.html

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