Member Deposits Protected up to $250,000 and Consumer Service Hotline Open
ALEXANDRIA, Va. (Nov. 30, 2012) – The Vermont Department of Financial Regulation today closed the Border Lodge Credit Union of Derby Line, Vt., and appointed the National Credit Union Administration (NCUA) as liquidating agent.
Border Lodge Credit Union member deposits are federally insured by the National Credit Union Share Insurance Fund up to $250,000. Members with questions about their insurance coverage may contact NCUA’s Consumer Assistance Center toll free at 800-755-1030. The center answers calls Monday through Friday between 8 a.m. and 5 p.m. (Eastern). Individuals may also visit the MyCreditUnion.gov website at any time for more information about their insurance coverage.
Originally chartered in 1963, Border Lodge Credit Union was a state-chartered, federally insured credit union serving 1,097 members and had assets of approximately $3.1 million, according to the credit union’s most recent Call Report. Border Lodge Credit Union served employees of varied and approved occupational groups who work within Orleans County, Vt., and members of the immediate families of such persons and associations composed primarily of the same people.
The Vermont Department of Financial Regulation made the decision to liquidate Border Lodge Credit Union to conserve the assets and protect the interests of credit union members.
Border Lodge Credit Union is the eleventh federally insured credit union liquidation in 2012.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 97 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues..