Member Deposits Remain Protected to $250,000; Member Services Uninterrupted
ALEXANDRIA, Va. (May 16, 2014) – The Director of the Michigan Department of Insurance and Financial Services today placed Health One Credit Union into conservatorship and named the National Credit Union Administration as agent to handle the credit union’s day-to-day operations. Health One Credit Union is a Michigan-chartered, federally insured credit union headquartered in Detroit.
Deposits at Health One Credit Union remain protected. Administered by NCUA, the National Credit Union Share Insurance Fund continues to insure individual accounts at Health One Credit Union up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund also separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.
The Michigan Department of Insurance and Financial Services placed Health One into conservatorship because of the recent discovery of unsafe and unsound practices. While continuing normal member services, the two agencies will work to resolve issues affecting the credit union’s safety and soundness. Members can continue to conduct normal financial transactions, deposit and access funds, make loan payments and use shares.
Health One Credit Union has 3,882 members and assets of $18.2 million, according to the credit union’s March 31, 2014, Call Report. Chartered in 1957, Health One Credit Union serves residents of Macomb, Oakland, Washtenaw and Wayne counties in Michigan, as well as other select groups. The credit union also operates a branch in Cleveland, Ohio.
Members who have questions about the conservatorship may review the Health One 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 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..