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NCUA Places Mayfair Federal Credit Union into Conservatorship

​Member Deposits Insured up to $250,000, Member Services Uninterrupted

ALEXANDRIA, Va. (Nov. 1, 2013) – The National Credit Union Administration today assumed control of service and operations at Mayfair Federal Credit Union in Philadelphia.

Normal member services at the main office at 2844 St. Vincent St. in Philadelphia will continue uninterrupted. The credit union’s branch at 2645 Orthodox St. in Bridesberg, Pa., will be closed. During the conservatorship, NCUA will work to resolve issues affecting the institution’s safety and soundness.

Deposits at Mayfair Federal Credit Union remain protected. Administered by NCUA, the National Credit Union Share Insurance Fund continues to insure individual accounts at Mayfair Federal Credit Union up to $250,000. The Share Insurance Fund, like the FDIC’s Deposit Insurance Fund, has the backing of the full faith and credit of the U.S. Government.

Chartered in 1936, Mayfair Federal Credit Union serves a low-income community in Philadelphia. Mayfair Federal Credit Union has 1,527 members and $14.3 million in assets, according to the credit union’s most recent Call Report.

The Federal Credit Union Act authorizes the NCUA Board 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.

Mayfair Federal Credit Union is the fourth federally insured credit union placed into conservatorship during 2013.

Members who have questions about the conservatorship may review the Mayfair Federal Credit Union Frequently Asked Questions document attached to this release and available online here.

 


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 96 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues..

--NCUA--

National Credit Union Administration

Office of Public & Congressional Affairs

703.518.6330
pacamail@ncua.gov

Contacts:

John Fairbanks
Office: 703.518.6336
jfairbanks@ncua.gov

Ben C. Hardaway
Office: 703.518.6333
Mobile: 703.298.5223 bhardaway@ncua.gov

Kenzie Snowden
Office: 703.518.6334
ksnowden@ncua.gov

"Protecting credit unions and the consumers who own them through effective regulation"