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 United States, NCUA operates
and manages the National Credit Union Share
Insurance Fund, insuring the deposits of more than 101
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.