Member Deposits Insured up to $250,000; Member Services Uninterrupted
ALEXANDRIA, Va. (Dec. 12, 2013) – The National Credit Union Administration, in cooperation with the Illinois Department of Financial and Professional Regulation, today assumed control of service and operations at Bagumbayan Credit Union in Chicago.
Normal member services will continue uninterrupted through a management agreement between NCUA and Great Lakes Credit Union of North Chicago. During the conservatorship, NCUA will work to resolve issues affecting the institution’s safety and soundness.
Deposits at Bagumbayan Credit Union remain protected. Administered by NCUA, the National Credit Union Share Insurance Fund continues to insure individual accounts at Bagumbayan Credit Union up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the U.S. Government.
Chartered in 1964, Bagumbayan Credit Union is a federally insured, state-chartered credit union with 44 members and $55,140 in assets, according to the credit union’s most recent Call Report. The credit union provides limited financial services to members of the Bagumbayan community.
Great Lakes Credit Union is a federally insured, state-chartered credit union with more than 54,000 members and more than $626 million in assets.
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. Bagumbayan Credit Union is the fifth federally insured credit union placed into conservatorship during 2013.
Members who have questions about the conservatorship may review the Bagumbayan 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.